Regional news: Chile

New York court rejects LATAM DIP financing

A New York court has rejected a US$2.4 billion debtor-in-possession loan secured by Chile's LATAM from its shareholders, finding it had the effect of forcing an equity swap in a future restructuring.

15 September 2020

IBA webinar: LatAm airline Chapter 11s, forum shopping or sound strategy?

Specialists from the US, Brazil, Chile and Mexico met to discuss the allure of the Chapter 11 process for Latin American’s three largest airlines, Avianca, LATAM and Aeroméxico, as well as the potential pitfalls of forum shopping.

10 September 2020

Cayman court approves landmark cross-border communications protocol

A Cayman Islands court has approved a cross-border communications protocol for the first time, agreeing a process for working with courts in New York, Chile and Colombia on Chilean airline LATAM’s restructuring.

27 August 2020

Chilean copper miner seeks US recognition following creditor “attacks”

A Chilean producer of copper cathodes is seeking recognition of its Santiago bankruptcy in New York, claiming its bank accounts have “come under attack” from creditors in Chile and the US.

17 August 2020

LATAM's Brazil arm joins Chapter 11, as recognition granted in Chile and Colombia

LATAM Airlines Brasil has joined in the New York Chapter 11 proceedings of its South American parent, as the group secured recognition of its US bankruptcy in Chile and Colombia.

10 July 2020

GRR Live-Latin Lawyer, New York: Venezuela divided

Venezuelan companies that were worth US$1 billion 20 years ago, can now be bought for US$55 million, according to GCG Advisors managing partner Jose Gonzales. “If you want to take the risk, there should be plenty of opportunity.”

01 August 2019

Asset recovery column: Tools in action

Edward Davis and Annette Escobar, of Sequor Law in Miami, discuss a massive Ponzi scheme in Chile involving the execution of asset recovery and cross-border recognition tools in multiple jurisdictions.

17 September 2018

Chilean liquidator in alleged Ponzi case recognised in Australia

An Australian court has become the latest to recognise Chilean liquidation proceedings in what is alleged to be the South American state’s first major Ponzi scheme dismantling, following courts in the US, UK and Isle of Man.

13 February 2018

Argentine publisher files for Chapter 15 recognition in Florida to access Citibank account

One of the court-appointed liquidators of a “prominent” Argentine publishing company has filed for Chapter 15 recognition in Florida, in an effort to repatriate funds from a bank account held with Citibank in the US.

25 January 2018

Latin Lawyer-GRR Live, New York: Implications of unequal access to restructuring

Any Latin American debtor with a view to the “long game” knows that a Chapter 15 filing is the best way to achieve legal certainty - but a disparity in access to restructuring between big and small debtors has led to a decline in use of the instrument, according to speakers at the Latin Lawyer-GRR Live Restructuring Symposium in New York.

28 June 2017

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