Ad-Hoc Creditors Committee in $345 Million TGN Debt Restructuring

August 9, 2012

Cleary Gottlieb represented an Ad-Hoc Creditors Committee, in connection with the $345 million debt restructuring of the Argentine company Transportadora del Gas del Norte (“TGN”), which defaulted on its outstanding notes in December 2008. The restructuring involved in the first instance an extra-judicial pre-packaged restructuring for which TGN failed to obtain judicial confirmation on a timely basis, and second, a purely consensual exchange and cash tender offer accepted by 88% of TGN’s senior creditors, including our clients. The transaction provided for a $100 million up-front cash payment, which was made on August 9 and the delivery of new notes due 2017 and “claim protection notes,” which took place on August 22.

TGN, is one of the two principal natural gas transportation companies operating in Argentina, responsible for gas transportation in the center and north of the country.