Regional news: Latin America & Caribbean

The game changer for Argentina: collective action clauses

Lawyers who worked on Argentina’s US$65 billion international debt restructuring reflect on the challenges and achievements of the deal, highlighting the activation of collective action clauses as a key ingredient for its successful outcome.

28 September 2020

TIM, Telefónica and Claro make US$3 billion bid for Oi’s mobile division

A slew of Brazilian law firms and one Spanish outfit have helped telecoms operators TIM, Telefónica and Claro make a US$3 billion binding stalking-horse bid to jointly buy Oi’s mobile services business, as part of the latter’s reorganisation.

25 September 2020

Cayman bankruptcy and freezing orders recognised in Canada

An Alberta court has recognised Cayman Islands personal bankruptcy and freezing orders, rejecting arguments that granting the relief would be “an abuse of Canadian procedures” despite noting there were limited precedents.

24 September 2020

Shearman and Bennett Jones advise as power plant builder enters RSA

Sherman & Sterling and Bennett Jones have helped an Argentina-headquartered power plant producer enter a deal with an ad hoc group of noteholders, to be implemented under the Canada Business Corporations Act.

24 September 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

African Minerals Limited: using a scheme to unlock value for all creditors

Partner Richard Hornshaw and counsel Tom Laidler from Akin Gump Strauss Hauer & Feld’s London litigation team discuss how a Cayman litigation trust and an English scheme were used to get around creditor differences on pursuing significant litigation, in the context of the administration of an iron ore miner in Sierra Leone.

22 September 2020

Argentina’s quest for the moral high ground: the road ahead

In the final part of his feature examining Argentina’s strategy in its recent debt negotiations with bondholders, Steven Kargman of Kargman Associates looks at what lies ahead for the country as it prepares for a fresh round of negotiations with the IMF. Kargman asks whether the country will be able to develop a sustainable economic strategy for the coming years, or whether it will continue to lurch from one economic (and sovereign debt) crisis to another.

17 September 2020

Argentina’s quest for the moral high ground: the professoriate weighs in

In the third part of his feature examining Argentina’s “quest for the moral high ground” in its recent restructuring negotiations, Steven Kargman of Kargman Associates looks at the role played by some of the world’s leading academics and Argentina’s position on debt sustainability and collective action clauses.

16 September 2020

Argentina’s quest for the moral high ground: challenges during a pandemic

In the second instalment of his four-part feature, Steven Kargman of Kargman Associates begins his exploration of the “three P’s” relied on by Argentina during its recent restructuring negotiations, focusing on the roles played by the covid-19 pandemic and the Pope.

15 September 2020

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

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