Cleary Gottlieb Recognized Among Turnarounds & Workouts’ Top Latin American Restructuring Practices

September 6, 2023

Cleary Gottlieb has been recognized among the top nine U.S. law firms for restructuring in the Latin American region in a special report by Turnarounds & Workouts.

In the report, Cleary partners Luke Barefoot, Adam Brenneman, Francisco Cestero, Rich Cooper, Tom Kessler, Lisa Schweitzer, and Jane VanLare were listed as key professionals, and the firm was noted as counsel to:

  • LATAM Airlines Group S.A., in its cross-border debt restructuring involving over $16 billion in liabilities, ultimately, confirming and consummating a plan of reorganization widely supported by stakeholders, that raised more than $8 billion in new money, principally through a series of complex, multi-tranche securities offerings that were carefully crafted to honor Chilean corporate law while complying with U.S. securities and bankruptcy requirements.
  • Ad hoc group of bondholders of bonds issued by subsidiaries of Azul S.A., a Brazilian airline, in the out-of-court restructuring of $1.5 billion of indebtedness and a new money raise of $800 million.
  • Secured lenders of Constellation Oil Services Holding S.A. (Constellation), in connection with the recently announced closing of the restructuring of Constellation’s $1.84 billion in total indebtedness.
  • Ad hoc group of bondholders holding 61% of bonds issued by subsidiaries of Ocyan S.A. (f/k/a Odebrecht Óleo e Gas S.A.; Ocyan), in the restructuring of $2.7 billion of indebtedness.
  • Ad hoc group of bondholders in the restructuring of $525 million aggregate principal amount of two series of bonds issued by a subsidiary of Andrade Guttierez Engenharia S.A., a Brazilian multinational real estate development and public project conglomerate.
  • Apollo Capital Management in the Chapter 11 cases of Grupo Aeroméxico S.A.B. de C.V. Alto Maipo SpA and Alto Maipo Delaware LLC in their successful Chapter 11 reorganization.
  • Ad hoc group of holders of Stoneway Capital Corporation’s 10% senior secured notes due 2027, including Blackrock, Baupost, Carmignac, Doubleline, Fidelity, and GML, in the May 17, 2022, closing of the restructuring of SCC’s and certain of its affiliated entities’ indebtedness.

Cleary was also recognized among the top eight U.S. law firms for restructuring in the Asia-Pacific region in another special report by Turnarounds & Workouts.

To learn more, view the August 2023 issue of Turnarounds & Workouts.