Regional news: Peru

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

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

New York court grants China Fisheries trustee discovery against HSBC

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

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

Abengoa restructuring draws to a close in Peru

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

China Fishery's state-owned lenders object to Chapter 11 trustee

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

Peru pollution claim falls foul for bankrupt refinery complex

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

Creditors accuse China Fishery Group of abusing US bankruptcy protections

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

China Fishery Group seeks US protections to hold off asset fire sale

Affiliates of the Cayman-registered industrial fishing company China Fishery Group have filed a cluster of Chapter 11 and Chapter 15 applications in the US, seeking to delay a fire sale of the group’s Peruvian assets.

04 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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