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UncategorizedBruchou assisted in the restructuring process of the AR$2,000 million financial debt of Carsa S.A.

January 13, 2021

Banking & Capital Markets
Bankruptcy & Debt Restructure

Bruchou, Fernández Madero & Lombardi acted as legal advisor of a syndicate of 22 banks composed by (i) BACS Banco de Crédito y Securitización S.A., Banco Comafi S.A., Banco de San Juan S.A., Banco Hipotecario S.A., Banco Itaú Argentina S.A., Banco Macro S.A., Banco Mariva S.A., Banco Santander Río S.A., Banco Supervielle S.A., BBVA Argentina S.A., HSBC Bank Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A., Nuevo Banco de Entre Ríos SA and Nuevo Banco de Santa Fe S.A., and (ii) Banco Credicoop Cooperativo Ltdo., Banco de la Ciudad de Buenos Aires, Banco de la Nación Argentina, Banco de la Provincia de Buenos Aires, Banco de la Provincia de Córdoba S.A., Banco de Servicios y Transacciones S.A., Banco Industrial S.A. and Banco Voii S.A. (the “Refinancing Banks”), in the restructuring process of approximately AR$2,000 million financial debt of Carsa S.A. (one of the licensees of the Musimundo brand).

The transaction consisted in two stages. Under the first one, executed in January 2021: (i) 14 Banks were withdrawn from the original refinancing executed in 2018 (the “Original Refinancing Agreement”), after the company repaid them with a haircut; and (ii) a term sheet was agreed outlining the main terms and conditions of the new refinancing.

In the second stage, executed in March 2021, the Refinancing Banks which remained in the syndicate entered into an amendment agreement to the Original Refinancing Agreement, providing for the terms and conditions of the new refinancing for approximately AR$ 870 million which included the granting of mortgages on certain properties of the company located in two provinces of Argentina.

The signing of both transactions was organized in order to fulfill COVID-19 protocols, due to the number of parties involved.

Counsel to Banks:

The Banks were advised by Bruchou, Fernández Madero & Lombardi through partner Battaglia, Analía R., and associates Chester, Andrés and Cristian Ragucci; and in tax matters participated Rey, Daniela and associate Muir, Pablo.

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Ing. Enrique Butty 275, Piso 12. C1001AFA, Buenos Aires, Argentina.
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