Double Award Recognition for Dechert’s Defense of Creditor Rights in LATAM Bankruptcy
A Dechert LLP financial restructuring matter – a US$2.45 billion debtor-in-possession (DIP) financing extended to Chile-based LATAM Airlines, Latin America’s largest carrier – has been recognized with two major awards in quick succession.
The International Financial Law Review named the matter “Loans Deal of the Year” in its IFLR Americas Awards 2021. Winning deals in IFLR awards are chosen for breaking new legal ground and setting market precedents.
The DIP financing plan was also named “Banking & Finance Deal of the Year” by Latin Lawyer in its Deals of the Year Awards for work carried out in 2020.
A Dechert team led by Allan Brilliant, co-chair of the firm’s financial restructuring practice, advised the Official Committee of Unsecured Creditors in LATAM’s Chapter 11 proceedings, securing a major victory when the bankruptcy court refused to approve an insider financing deal which would have resulted in millions of dollars in value going to shareholders rather than creditors.
After extraordinary efforts by the Dechert team on behalf of its client, the bankruptcy court approved a revised DIP financing plan, adding key creditor protections whilst also saving the airline – and its creditors – almost half a billion dollars over the original proposal.
Dechert’s financial restructuring practice is recognized globally for handling high-profile cross-border restructuring and insolvency matters, innovative deal structuring and achieving court victories across jurisdictions.
Dechert was also named as a finalist in the “Structured Finance and Securitization Team of the Year” category in the IFLR Americas Awards.
Dechert is a leading global law firm with 24 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.