Latin Lawyer Recognizes Dechert for LATAM Airlines Restructuring

 
May 16, 2023

A Dechert LLP matter – the financial restructuring of LATAM Airlines – has been recognized by Latin Lawyer as “Restructuring of the Year” in the publication’s 17th annual Deals of the Year Awards.

Latin Lawyer selects winning deals for their novelty, complexity, impact and significance of the legal work involved, which must have taken place in the previous calendar year.

A Dechert team led by Allan Brilliant, co-chair of the firm’s financial restructuring practice, has played a central role in LATAM’s Chapter 11 proceedings, acting for the Official Committee of Unsecured Creditors. The Dechert team achieved a major victory for the creditors when the bankruptcy court refused to approve an insider financing deal and instead secured a revised DIP financing plan which saved the airline – and its creditors – almost half a billion dollars.

LATAM Airlines’ financial restructuring was also named “International Matter of the Year” by the American Bankruptcy Institute and “Loans Deal of the Year” by the International Financial Law Review. The DIP financing plan was earlier “Banking & Finance Deal of the Year” by Latin Lawyer in its Deals of the Year Awards for work carried out in 2020.

Latin Lawyer frequently recognizes matters handled by Dechert’s restructuring team. This year, the firm played a key role in all three restructuring matters named to Latin Lawyer’s shortlist, having acted as international counsel to an ad hoc group of lenders in the second restructuring of Brazilian oil-and-gas driller Constellation, and acting as counsel to the mezzanine financing lenders in Canadian power plant company Stoneway Capital’s Chapter 11 process.

Last year, Latin Lawyer named another Dechert matter - the Chapter 11 restructuring of Colombia-based airline Avianca - as its “Restructuring Deal of the Year” for 2022.

About Dechert

Dechert is a leading global law firm with 21 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.

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