Regional news: Peru

Two groups of companies that sit within industrial fishing conglomerate Pacific Andes have secured Chapter 11 plan confirmations in New York, after agreeing to remove third-party releases.

17 February 2022

Latin American airline Avianca has reached two major milestones in its restructuring after settling disputes relating to a pre-petition sale of credit card receivables and getting the green light to enter new aircraft leases to redevelop its fleet.

17 March 2021

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

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

A court in New York has granted the Chapter 11 trustee for the Peruvian arm of Chinese fishing company China Fisheries International permission to pursue discovery against HSBC in Hong Kong, overruling a series of the bank's objections to the request.

20 July 2017

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

The Peruvian arm of embattled Spanish renewables company Abengoa is finalising the terms of a collateral package after reaching an agreement with its major creditors in October. Meanwhile, US-based Abengoa entities have submitted a liquidation plan to a court in Missouri.

27 February 2017

Chinese state-owned lenders to the bankrupt industrial fishing conglomerate China Fishery Group have filed a string of objections in a US court, after an international consortium of financiers moved to appoint a Chapter 11 trustee.

24 August 2016

Renco Group, the US parent of the bankrupt operator of a smelting and refinery complex in Peru, has been prevented from bringing an arbitration claim against the Peruvian government, which it holds responsible for the bankruptcy.

19 July 2016

A group of creditors have accused affiliates of multinational industrial fishing consortium China Fishery Group (CFG) of exploiting US bankruptcy protections to abuse creditors’ rights and derail an asset sale process.

14 July 2016