Cleary Gottlieb advised an ad hoc creditors committee of GRUMA S.A.B. de C.V., including Deutsche Bank, Credit Suisse, JPMorgan Chase, ABN AMRO, Barclays and Standard Chartered Bank in connection with the restructuring of more than $935 million of derivative debt. The creditors reached a definitive agreement to restructure losses experienced as a result of the financial crisis on October 16 and the transaction closed on October 21.
Headquartered in Monterrey, Mexico and one of the world’s largest manufacturers of tortilla and corn flour, GRUMA is publicly listed in the United States and in Mexico and is among the many corporations in Latin America that experienced significant losses as a result of the sharp devaluation of the local currency against the U.S. dollar in the wake of the global financial crisis.
