Dechert’s Restructuring Practice Honored for Multiple Cross-Border Deals

February 01, 2019

Dechert’s outstanding performance in international financial restructuring has been recognized by LatinFinance in its Deals of the Year Awards for 2018. The publication named a Dechert matter, the restructuring of Brazilian telecoms provider Oi, S.A., the largest bankruptcy filing in Latin American history, as its “Restructuring of the Year.” 

Oi filed for protection from creditors in 2016 on R$65 billion (US$20 billion) of bonds, bank debt and other obligations. Dechert’s financial restructuring co-chair Allan Brilliant and partner Shmuel Vasser led a team acting as U.S. and international coordinating counsel to the International Bondholder Committee, one of the largest of Oi’s creditor constituencies, whose members held more than US$2.7 billion. 

The Brazilian reorganization proceedings were closely observed by Oi’s regulator and the Brazilian government. In a reflection of the global nature of Oi’s operations, the company and its subsidiaries ultimately filed judicial reorganization and insolvency proceedings in Brazil, the Netherlands, the United Kingdom and Portugal, as well as a Chapter 15 bankruptcy case in the U.S. A restructuring plan, founded on a debt-for-equity swap, was approved by the Brazilian court in January 2018 and was completed successfully in July. 

The scale and complexity involved led The American Lawyer to name the Oi matter ‘Global Finance Deal of the Year’ in its Global Legal Awards 2018. The transaction was also selected as “Cross-Border Restructuring Deal of the Year’ for large deals by M&A Advisor at its Turnaround Awards 2018.

“We’re proud that our clients continue to trust our guidance in resolving their most testing cross-border issues and related litigations and appellate matters,” said group co-chair Allan Brilliant. “It’s equally rewarding when the legal community and business industry recognize our global excellence in restructuring and insolvency.” 

Dechert’s financial restructuring practice has enjoyed a particularly strong year. Dechert was also recognized in Global Restructuring Review’s annual GRR 30 list of the world’s leading insolvency practices. In addition, M&A Advisor selected Global A&T Electronics as its “Restructuring Deal of the Year” in the mid-sized cross-border deal category. Acting for an ad hoc group of bondholders, a Dechert team led by financial restructuring co chair Michael Sage and partner Brian Greer played a pivotal role in negotiations among bondholders, Global A&T and Global A&T’s sponsors.

Earlier, the firm was honored when CEE Legal Matters named a US$875 million debt restructuring by Russia’s Far Eastern Shipping Company as 2018 ‘Deal of the Year for Russia’; Dechert represented an ad hoc committee of bondholders in the matter. The firm was also named to Turnarounds & Workouts’ 2018 list of leading U.S. law firms with significant Latin American restructuring practices. 

About Dechert  

Dechert is a leading global law firm with 27 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.