Regional news: Ecuador

Avianca, LATAM secure court approval for DIP financings

Multiple international and Latin American law firms have helped Colombian-Panamanian airline Avianca and Chile’s LATAM get court approval for debtor-in-possession financings worth more than US$4 billion, weeks after LATAM’s new money deal was initially rejected.

14 October 2020

Sovereign debt restructuring in times of stress: lessons from Ecuador and Argentina

Hogan Lovells partner Evan Koster and associate Juan Moreno investigate the use of aggregated collective action clauses in the recent restructurings of Ecuador and Argentina, describing them as an “important development” in the restructuring process of sovereigns.

23 September 2020

Ecuador completes US$17.4 billion debt restructure

With help from Hogan Lovells, Ecuador has completed a deal to restructure its US$17.4 billion international debt pile, marking one of the first applications of collective action clauses in a capital markets transaction.

04 September 2020

US court rejects block on Ecuador’s US$17 billion restructuring

Ecuador has defeated an injunction request by a “small minority” of bondholders seeking to block its tender for a US$17.4 billion sovereign bond restructuring, ahead of a securities fraud action.

04 August 2020

Bondholder suit calls Ecuador’s US$17.4 billion restructure “coercive”

A US investment fund holding Ecuadorian sovereign bonds is leading a class action in which it is urgently trying to halt the state’s recent tender aiming to restructure US$17.38 billion in debt.

31 July 2020

Ecuador reaches debt deal with half of bondholders, others make counter-offer

Ecuadorean lawyers have reacted positively to a provisional debt relief agreement reached with holders of about half of the country’s sovereign bonds, as two other bondholder groups made a counter-offer.

14 July 2020

Steelmaker completes rare out-of-court restructuring in Ecuador

Two years after filing for bankruptcy, Ecuadorean steelmaker Talleres Metalurgicos (Talme) has won approval from international creditors to restructure US$25 million of debt in a rare example of Ecuador’s out-of-court restructuring legislation being put to use.

27 July 2016

NEW YORK: Distressed M&A deals in Latin America need cleaner strategies to soothe creditors

Lawyers representing debtors in distressed M&A deals in Latin America need to provide clearer communication strategies and valuation plans to avoid troubling creditors, guests at the first Latin Lawyer – GRR Restructuring Summit in New York heard last Monday.

16 June 2016

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