Inversiones Alsacia and Express de Santiago Uno Restructure Notes
March 29, 2017
Cleary Gottlieb is representing Inversiones Alsacia S.A. and Express de Santiago Uno S.A., together the largest provider of bus transportation services in the Santiago, Chile metropolitan area, in connection with the restructuring of $364.4 million of Alsacia and Express’ 8 percent senior secured notes due 2018.
The restructuring will be implemented through a plan of reorganization pursuant to a Procedimiento Concursal de Reorganización proceeding in accordance with Chapter III of the Ley de Reorganización y Liquidación de Activos de Empresas y Personas of Chile.
Alsacia and Express will be the first companies to restructure international bond debt through a reorganization in Chile since the new Ley de Reorganización y Liquidación de Activos de Empresas y Personas was enacted in 2014.
Cleary previously represented Alsacia and Express in their restructuring through a Chapter 11 proceeding in the United States in 2014. Following several weeks of negotiations with an ad hoc group of holders of more than 45 percent of the outstanding principal amount of the existing notes, Alsacia and Express signed a restructuring and plan support agreement on March 29, 2017.