Coverage

Distressed companies must communicate bad news, say panellists

Distressed companies must communicate bad news, say panellists

07 June 2016

Latin American companies facing insolvency amid turmoil in the commodities market and currency devaluations should be prepared to be transparent with creditors, take prompt action and release equity to ensure an efficient restructuring, heard attendees at the first Latin Lawyer - GRR Restructuring Summit, held in New York yesterday.

DIP financing has broken ground in Latin America but remains “dysfunctional”

14 June 2016

A number of recent high-profile cross-border restructurings have brought changes to the way Latin American lawyers approach debtor-in-possession financing, but applicable laws remain “dysfunctional” according to a panel at the first Latin Lawyer – GRR Restructuring Summit, held in New York last week.

Distressed M&As in Latin America need cleaner strategies to soothe creditors

17 June 2016

Lawyers representing debtors in distressed M&A deals in Latin America need to provide clearer communication strategies and valuation plans to avoid troubling creditors, heard delegates at the first Latin Lawyer – GRR Restructuring Summit, held in New York last Monday.

PDVSA default will be messy and protracted

PDVSA default will be messy and protracted

20 June 2016

Panellists speaking at the first Latin Lawyer - GRR Restructuring Summit held in New York earlier this month were split over whether Venezuelan state-owned oil company PDVSA is on track for an imminent default, but there was broad agreement that the legal aftermath will share many similarities with Argentina’s highly litigious 15-year sovereign debt battle.

Judges should take a less procedural approach to restructuring, says top São Paulo judge

Judges should take a less procedural approach to restructuring, says top São Paulo judge

23 June 2016

Daniel Carnio Costa, a bankruptcy judge at the First Bankruptcy Court of Brazil in São Paulo, called on his colleagues to ensure the social and economic benefits of corporate restructuring take precedence over the interests of the creditors and debtors in the keynote speech at the Latin Lawyer - GRR Restructuring Summit, which was held in New York earlier this month.

Brazil’s bankruptcy law must evolve further as restructuring cases skyrocket

05 July 2016

Legal uncertainty, corruption investigations and an undiversified financial system continue to affect clients’ confidence in Brazil’s 10-year-old bankruptcy laws, but a growing body of jurisprudence is gradually ironing out some of the kinks in the restructuring process, agreed lawyers speaking at Latin Lawyer - GRR Restructuring Summit, which was held in New York last month.

No end in sight for Venezuela, say panellists

No end in sight for Venezuela, say panellists

06 June 2018

The Venezuelan government’s lack of political will to restructure its debts is stopping the country from addressing its economic crisis, according to restructuring advisors.

Chairs

Michael Fitzgerald

Paul Hastings, New York

Michael Fitzgerald heads the Latin America practice group at Paul Hastings and is based in the firm’s New York office.

Mr. Fitzgerald was one of the first US corporate lawyers to focus on capital markets work in Latin America and his first-mover advantage has led to his numerous representations of a wide range of international and domestic underwriter and issuer clients in debt and equity financing transactions and merger and acquisition activities.

Joy Gallup

Paul Hastings, New York

Joy Gallup is a partner in the Latin America and Corporate practices of Paul Hastings and is based in the firm's New York office. Ms. Gallup has extensive experience in complex, cross-border debt restructurings in Latin America as well as corporate finance transactions. She regularly represents underwriters and domestic and international issuers in private and public offerings of debt and equity securities. H

Marina Anselmo Schneider

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga, São Paulo

Marina Anselmo Schneider is a partner at Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogados. She completed her Bachelor of Laws in corporate law at Pontifícia Universidade Católica de São Paulo, and her Master of Laws (LLM) at the University of London. Marina specialises in domestic and international capital market transactions, finance, and structured finance, and has represented virtually every major bank active in Brazil's capital and financial markets.

Keynote Speaker

Daniel Carnio Costa

Bankruptcy Judge, First Bankruptcy Court of Brazil, São Paulo

Judge of the São Paulo State Court since 1998, in charge of the 1st Bankruptcy Court of São Paulo since 2011. www.latinlawyer.com/Events Coordinator and Professor of law school at the University of Ribeirão Preto (UNAERP) since 2006.

Speakers

Daniel Pombo

Head of Restructuring, JP Morgan, New York

Mariana Posse

Posse Herrera Ruiz, Bogotá

Gonzalo De Las Casas

Rebaza, Alcázar & De Las Casas, Lima

Fernando del Castillo E.

Santamarina y Steta, Mexico City

Juan José Delgado A.

Interjuris Abogados, Caracas

Luiz Fernando Valente de Paiva

Pinheiro Neto, São Paulo

John Vetterli

White & Case, New York and São Paulo

Diego Ferro

Co-Chief Investment Officer, Greylock Capital Management, New York

Marcio Giannico

Head of Project Finance & Structured Lending, Banco do Brasil, São Paulo

José Gonzales

Director, ECG Asset Management, New York

Otávio Guazzelli

Managing Director and Co-head, Moelis Brazil, São Paulo

Fulvio Italiani

D'Empaire Reyna, Caracas

Joel Luís Thomaz Bastos

Dias Carneiro, Arystóbulo, Flores, Sanches, Turkienicz, Amendola, Waisberg and Thomaz Bastos, São Paulo

Marcelo Messer

Director, Rothschild, São Paulo

Francesca Odell

Cleary Gottlieb Steen & Hamilton, New York

Ignacio Quesada

Alvarez & Marsal, Mexico City

Robert L Rauch

Senior Partner, Emerging Markets Distressed Portfolio Manager, Gramercy, Connecticut

Marcelo Ricupero

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga, São Paulo

Alejandro Sainz

Cervantes Sainz, Mexico City

Isabella de Magalhães Pinto Saval

Vice President, Latin America Natural Resources - Project Finance, Sumitomo Mitsui Banking Corporation (SMBC), New York

John Singh

Managing Director, Restructuring & Special Situations, PJT Partners, New York

Programme

9.30: Welcome coffee and registration

10.00: Chairs’ morning welcome

Joy Gallup, Paul Hastings, New York
Marina Anselmo Schneider, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga, São Paulo

10.10: Keynote speech: The Brazilian Economic Crisis and Effective Restructuring

Daniel Carnio Costa, Bankruptcy Judge, First Bankruptcy Court of Brazil, São Paulo

10.40: A Brazilian restructuring boom

A weak real and political and economic uncertainty have led to a significant increase in restructuring across many sectors in Brazil, although particularly in natural resources companies. How is the ten-year-old restructuring law standing up to the test? Are creditors being protected as well as shareholders? What challenges remain to companies maintaining a viable business after the restructuring is concluded?

Moderator: 
Marina Anselmo Schneider, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga, São Paulo

Panel:
Joel Luís Thomaz Bastos,
 Dias Carneiro, Arystóbulo, Flores, Sanches, Turkienicz, Amendola, Waisberg and Thomaz Bastos, São Paulo
Marcio Giannico, Head of Project Finance & Structured Lending, Banco do Brasil, São Paulo
Marcelo Messer, Director, Rothschild,  São Paulo
Luiz Fernando Valente de Paiva, Pinheiro Neto, São Paulo

11.40: Coffee break

12.05: A volatile world: how commodity prices and currency instability affect restructurings

  • Oil exporting vs. oil importing countries: the impact of commodity pricing on government budgets and outlook for distressed oil service providers
  • Effect of other commodity price declines: iron ore, copper, etc.
  • How the recent spike in the dollar index impacts debt restructuring in the region

Moderator:
John Vetterli, White & Case, New York and São Paulo

Panel:
Fernando del Castillo E.,
 Santamarina y Steta, Mexico City
Ignacio Quesada, Alvarez & Marsal, Mexico City
Isabella de Magalhães Pinto Saval, Vice President, Latin America Natural Resources - Project Finance, Sumitomo Mitsui Banking Corporation (SMBC), New York

12.50: Networking lunch

14.15: DIP Financing: Comparing and Contrasting Recent Deals

Debtor-in-possession financing is relatively untried in Latin America, but recent innovative examples such as OGPar and OAS in Brazil, Homex and Geo in Mexico, and others, have led the development charge. What are the legal and business drivers behind such financings, as well as the challenges involved? How do they compare to a typical US DIP financing? 

Moderator: 
Joy GallupPaul Hastings, New York

Panel: 
Daniel Pombo, Head of Restructuring, JP Morgan, New York
Robert L Rauch, Senior Partner, Emerging Markets Distressed Portfolio Manager, Gramercy, Connecticut
Marcelo Ricupero, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga, São Paulo
Alejandro Sainz, Cervantes Sainz, Mexico City

15.15: Coffee break

15.35: Venezuela: what’s going to happen at PDVSA?

With Venezuela’s February bond payment made, attention is focused on its bonds maturing in October and November. With daily shortages of everyday goods in the country, pressure is on the government as to how to allocate its scarce foreign reserves. Some investors believe the government will pay the bonds at all costs. What are the options ahead? Should PDVSA default, what might bondholders try to do?

Moderator: 
Fulvio Italiani, D'Empaire Reyna, Caracas

Panel: 
Michael Fitzgerald, Paul Hastings, New York
Diego Ferro, Co-Chief Investment Officer, Greylock Capital Management, New York
José Gonzales, Director, ECG Asset Management, New York
Juan José Delgado A., Interjuris Abogados, Caracas

16.35: Distressed Asset M&A: Opportunities and Challenges

  • The challenges of asset disposition in a restructuring context, including the impact of local laws favourable to debtors or creditors
  • Are bankruptcy courts able to challenge the fairness of transactions and the approval process, if any, during bankruptcy proceedings?
  • Review opportunities for distressed asset M&A across the region

Moderator: 
Francesca Odell,
 Cleary Gottlieb Steen & Hamilton, New York

Panel: 
Otávio Guazzelli, 
Managing Director and Co-Head, Moelis Brazil, São Paulo
John Singh, Managing Director, Restructuring & Special Situations, PJT Partners, New York
Mariana Posse, Posse Herrera Ruiz, Bogotá
Gonzalo De Las Casas, Rebaza, Alcazar y De Las Casas, Lima

17.35: Chairs’ closing remarks                

Michael Fitzgerald, Paul Hastings, New York
Marina Anselmo Schneider, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga, São Paulo

17.45 onwards: Delegates are invited to attend a cocktail reception kindly hosted by Santamarina y Steta          

Venue

200 Park Avenue New York, NY 10166, USA

Testimonials

  • Excellent Conference. Would recommend others to attend if it was repeated.

    Juan C Serra

    Basham, Ringe Y Correa

  • “The high level of the speakers and the balance of the topics analyzed, including major legal and financial issues faced by the industry now around Latin America, was extremely interesting and useful, both from an academic and practice perspectives.”

    Curtis, Mallet-Prevost, Colt & Mosle, S.C.