Debt Restructuring - Bruchou, Fernández Madero & Lombardi

Transactions | Banking & Capital MarketsDebt Restructuring

We advised YPF S.A. in its International Exchange Offer and Consent Solicitation, the largest corporate liability management exercise in the history of Argentina (2021).

We advised the banks in the restructuring process of the AR$2,000 million financial debt of Carsa S.A. (one of the licensees of the Musimundo brand) (2021).

We advised BofA Securities, Inc.., which acted as consent solicitation agent, on the successful restructuring of the Province of Salta ‘s US$350 million outstanding notes (2021).

We advised UBS Securities LLC, , as consent solicitation agent, in the restructuring of US$650 million principal amount of outstanding notes issued by the Province of Chubut in the international capital markets (2020).

We advised Santander Investment Securities Inc., , which acted as solicitation agent,, in the restructuring of debt issued by the City de Córdoba under foreign law for an aggregate amount of US$150 million (2020).

We advised BofA Securities, Inc. and UBS Securities LLC Inc., ., which acted as consent solicitation agents, on the successful restructuring of US$300 million principal amount of outstanding notes by the Province of Río Negro (2020).

We advised Citigroup Global Markets Inc., which acted as consent solicitation agent, on the successful restructuring of approximately US$683 million principal amount of outstanding notes by the Province of Neuquén (2020).

We acted as sole Argentine legal counsel in the restructuring and exchange of debt issued by the Republic of Argentina under foreign law for an aggregate amount of US$66 billion (2020).

OVERSEAS PRIVATE INVESTMENT CORPORATION in their first transaction in Argentina in the last eight years. The transaction consisted on the acquisition of a private placement of notes issued by Plaza Logística S.R.L. under a medium-term program for an aggregate amount of up to US$45,000,000 (2019).

Banco de Galicia y Buenos Aires S.A.U., Banco Santander Río S.A., Banco de Córdoba S.A. and Banco de la Provincia de Buenos Aires in the standstill granted to Garbarino S.A.I.C.e.I. with respect to a substantial portion of its financial debt for approximately 4.000 Million Pesos on August 2, 2019 (2019).

HSBC Bank Argentina S.A., Banco de la Ciudad de Buenos Aires, Banco de la Nación Argentina, Banco de la Provincia de Buenos Aires, Banco de San Juan S.A., Banco de Servicios y Transacciones S.A., Banco Supervielle S.A., Nuevo Banco de Entre Ríos S.A., Nuevo Banco de Santa Fe S.A. and additional thirteen financial entities in a debt restructuring process of CARSA S.A. for an amount up to AR$ 1.200 million (2018).

Bank of America Merrill Lynch and Deutsche Bank Securities Inc., as Initial Purchasers, and Merrill Lynch Argentina S.A. and Deutsche Bank S.A., as local placement agents, in a debt restructuring process and in the issuance of Series F Notes by Mastellone Hermanos S.A. for an amount up to US$200 million (2014).

Legal advisor of the bank creditors in the financial debt restructuring of Empresa Distribuidora de Energía Atlántica S.A. due to BBVA Banco Francés S.A., Banco Comafi S.A. and The Royal Bank of Scotland N.V. Trustee of the Financial Trust Labellat (represented by Banco Comafi S.A.) in the amount of $14.7 million on one hand, and TRG SOF Holdings VI (Sweden), Aktienbolagc/o CITCO (Sweden) AB in the amount of US$9.4 million (2013).

Bank of America Merrill Lynch in a US$223 million debt refinancing plan for Argentina’s largest milk distributor Mastellone Hermanos (2009).

Transportadora de Gas del Norte S.A. in its US$350 million financial debt restructuring (2009).

Banco Comafi S.A., Banco Itaú Argentina S.A., Banco Macro S.A., Banco Santander Río S.A., Banco Supervielle S.A., BBVA Banco Francés S.A., BNP Paribas Sucursal Buenos Aires, HSBC Bank Argentina S.A., Standard Bank Argentina S.A. and Citibank N.A., Argentine Branch, as lenders and Banco Macro S.A., in its capacity as administrative agent, trustee and custodian, in an Offer Letter sent by Socotherm Américas S.A. and Socotherm S.p.A., and accepted by the Banks and the Agent, that provides for a 10% downpayment (US$28,5 million approximately) by Socotherm Américas S.A. to the Banks and a rescheduling of the remaining 90% of the debt in 24 monthly installments (2009).

The Bank of New York Mellon, Banco Santander and HSBC in the US$140 million financial debt restructuring of Argentina’s largest dairy company SanCor (2008).

HSBC Bank, as trustee, in a US$90 million financial debt restructuring of Transportes Río de la Plata (2007).

JP Morgan Chase Bank, as creditor, in the US$412 million debt restructuring of Argentine electricity generator Central Puerto (2006).

Sole Argentine counsel to the dealer managers in the US$88 billion sovereign debt restructuring of the Republic of Argentina, the biggest financial restructuring in the history of the financial markets (2005).

Deutsche Bank Trust Company Americas, as lender, and Deutsche Bank S.A., as collateral agent, in the refinance of US$25 million of secured debt of Argentine cable-TV company Teledigital Cable S.A. (2005).

Inter-American Development Bank in the restructuring of substantially all the financial debt -totaling over US$1 billion- of gas transportation company Transportadora de Gas del Sur S.A.. This deal was reported as the largest Argentine private debt restructuring at the time (2004).

Bank of America Securities LLC as deal manager, Bayerische Hypo Und Vereinsbank as leader of the steering committee of bank creditors which included Societe Generale, Calyon, Banco Ciudad, Banco Nacion, Rabobank, and others, in the successful restructuring of 97,8 per cent of the existing unsecured financial debt, totaling US$321,7 million, of Argentine dairy company Mastellone Hermanos S.A. (2004).

Inter-American Development as creditor of Aguas Argentinas S.A. and its shareholders, in an interim financial agreement for a US$145 million partial debt restructuring (2004).

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