Francisco (Paco) L. Cestero’s practice focuses on multijurisdictional restructurings and financings, mergers and acquisitions, and crisis management.

He has significant experience handling complex, interdisciplinary cross-border transactions and proceedings in Brazil and the rest of Latin America. Paco’s interdisciplinary practice and experience allow him to create novel and holistic solutions for clients, effectively guiding them through the complex issues that arise in emerging market transactions and proceedings. In recent years, he has tackled many of the business cycle, administrative, corruption, capital, and legal issues impacting transactions and proceedings in Brazil, both in and outside court reorganization processes.

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

  • Ad hoc creditors committees of bondholders in connection with the  nearly $20 billion restructuring of Oi, the largest corporate restructuring in the history of Latin America.

  • Ad hoc creditors committees of bondholders in connection with the nearly $5 billion restructuring of Odebrecht Oil and Gas, the largest-ever Brazilian extrajudicial restructuring.

  • 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.

  • Ad hoc group of a majority of secured and unsecured bondholders and certain lenders 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.

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Mergers and Acquisitions

  • Enel on strategic and U.S. issues in connection with its 5.5 billion reais ($1.5 billion) acquisition of 73 percent of the shares of Eletropaulo.

  • 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.

  • Doral Financial, a bank based in Puerto Rico, in a recapitalization transaction that entailed an equity investment of $610 million in Doral by a newly formed bank holding company in which a number of private equity and asset managers invested, as well as on various enforcement and reporting matters.

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

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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.

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Publications

Events