Constellation’s $1.67 Billion Debt Restructuring

December 6, 2018

Cleary Gottlieb acted as counsel to an ad hoc group of secured project finance lenders in connection with the proposed restructuring of over $1.67 billion in total indebtedness of Constellation Oil Services Holding S.A. and its subsidiaries (Constellation Group).

On December 6, 2018, following nearly a year of negotiations among all stakeholders, the Constellation Group filed for judicial reorganization in Brazil (Recuperação Judicial) and certain ancillary proceedings in the United States (Chapter 15) and the British Virgin Islands, with the support of substantially all of its secured project finance lenders and Banco Bradesco S.A., a secured lender that is also its largest unsecured creditor.

Constellation is a market-leading provider of oil and gas drilling and FPSO services in Brazil.