Francisco (Paco) L. Cestero’s practice focuses on multijurisdictional restructurings and financings, mergers and acquisitions, and crisis management. He has been involved in a number of cross-border transactions and proceedings in Brazil and the rest of Latin America, as well as Europe.

Paco joined the firm in 1995 and became a partner in 2004. He joined the São Paulo office in August 2011. From 1998 to 2002 and from 2008 to 2011, he was resident in the firm’s Rome office. Before attending law school, Paco worked at the Government Development Bank for Puerto Rico, where he participated in several privatizations.

Notable Experience

Restructuring and Finance

  • An ad hoc creditors committee of bondholders in connection with a possible restructuring of Odebrecht Oil and Gas.

  • The ad hoc group of bondholders and DIP lenders in connection with the restructuring and financing of OGX, the largest private Brazilian reorganization in history, including the ad hoc group of OGX bondholders in connection with the restructuring of OSX-3, involving the re-negotiation of the vessel charter amendments between OSX-3 and OGX.

  • An ad hoc group of secured and unsecured bondholders of Tonon Bioenergia in the debt restructuring of the company.

  • An alternative asset manager in connection with its proposed DIP loan to OAS and possible acquisition of Invepar.

  • A group of bondholders in connection with the potential restructuring of GVO.

  • An international investor interested in purchasing non-performing loans from BNDES.

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Mergers and Acquisitions

  • América Móvil in over 10 international acquisitions and joint ventures throughout Brazil and the rest of the Americas, as well as in various capital market and bank financings.

  • BHP Billiton in connection with the carve-out of its Brazilian assets as part of the demerger of South32.

  • A group seeking to acquire Rede Energia, a distressed Brazilian utility.

  • A major sovereign wealth fund in its infrastructure and other investments in Brazil.

  • TIVIT (Brazil) in its acquisition of Synapsis.

  • TPG and Gávea Investimentos in their $230 million acquisition of a 25 percent equity interest in Rumo Logística.

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Crisis Management and Investigations

  • BHP Billiton, Vale and Samarco to conduct the external investigation into the cause of the breach of the Fundão tailings dam.

  • A large multinational home appliance corporation in an internal inquiry regarding a Brazilian tax matter.

  • A major financial institution in ongoing investigations concerning FX markets in Mexico, Brazil and Argentina.

  • A media company in an internal investigation concerning alleged data manipulation at its Brazilian operations.

  • Doral Financial, a bank based in Puerto Rico, in various enforcement, financial restatements and reporting matters in connection with an internal investigation into alleged fraudulent practices and on a recapitalization transaction by a newly formed bank holding company in which various asset managers invested.

  • Board of directors of Sparkle S.p.A., a wholesale subsidiary of Telecom Italia, in connection with an internal investigation of its contractual practices in the wholesale purchase and sale of telecommunications traffic.

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Europe Experience

  • Enel in its divestiture of the Gencos as part of the liberalization of the Italian electricity generation industry.

  • Eni, MolMed and YOOX in capital markets offerings.

  • Finmeccanica, Banca Nazionale del Lavoro and Banca Monte dei Paschi di Siena in privatization offerings.

  • Terna in its strategic investment in Prenos, the electricity distribution company in Montenegro.

  • TPG and Deutsche Morgan Grenfell’s acquisition of Piaggio, as well as in various other transactions.

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