Alsacia and Express in Restructuring of its 8.0% Senior Secured Notes due 2018

Cleary Gottlieb is representing Inversiones Alsacia and Express de Santiago Uno, together the largest provider of bus transportation services in the Santiago, Chile metropolitan area, in connection with the restructuring of $347.3 million of Alsacia and Express’ 8.0% senior secured notes due 2018. The restructuring will be implemented through a pre-packaged plan of reorganization pursuant to chapter 11 of the U.S. Bankruptcy Code. Alsacia and Express will be the first Chilean companies to undergo a Chapter 11 proceeding in the United States since Chilean electricity provider Edelnor filed for Chapter 11 reorganization in 2002, a restructuring in which Cleary Gottlieb also represented the debtor.

Following several months of negotiations with an ad hoc group of holders of more than 62% of the outstanding principal amount of the Existing Notes, Alsacia and Express signed a restructuring and plan support agreement on August 31, 2014. Pursuant to the agreed plan, all classes of creditors will remain unimpaired and will be paid in full in the ordinary course, except for holders of the Existing Notes, which will receive new senior secured notes in exchange for their Existing Notes claims. The new notes have an initial maturity date comparable to the Existing Notes; however, the final maturity of the notes may be extended in accordance with certain extensions of the bus route concessions held by Alsacia and Express, which could result in a final maturity in 2021 or beyond.

Alsacia and Express launched solicitation of votes on the plan of reorganization on September 15, 2014.