Latin America

 
  • With over 30 years of experience advising buyers, sellers and financiers on complex domestic and cross-border mergers and acquisitions and strategic transactions, our LatAm-focused lawyers regularly advise corporates seeking to establish themselves in Latin America, expand their traction in the region, or invest in or expand operations abroad. Our clients include both public and private corporates and financial institutions based across the region, including Argentina, Brazil, Chile, Colombia, Mexico and Peru.

  • Dechert’s award-winning global financial restructuring practice regularly manages high-profile, cross-border restructuring and insolvency matters, with a particularly strong track record in Latin America. The practice represents creditors, investors, and troubled companies in all types of in-court and out-of-court restructuring matters and has a history of successful restructurings and court victories involving jurisdictions across the region, including in Argentina, Brazil, Chile, Colombia, Mexico, and Puerto Rico,  For years, our restructuring lawyers have played leading roles in the most complex transactions and precedent-setting court victories involving Latin America, including LATAM Airlines, GOL Linhas Aéreas Inteligentes S.A., Avianca Holdings, Oi S.A. of Brazil, OAS, S.A. of Brazil and Vitro S.A.B. de C.V. of Mexico. Their expertise, both in-court and out-of-court, is bolstered by the depth of Dechert’s corporate, leveraged finance, tax and litigation practices.

  • Having one of the most prominent international arbitration groups in Latin America, Dechert has a sterling reputation for handling high stakes, legally/technically complex, multi-jurisdictional commercial and investment disputes throughout Latin America. The lawyers working on Latin American matters come from Argentina, Colombia, Brazil, Venezuela, Chile and Spain. Chambers Latin America, which ranks them in Band 1 says: “[Dechert’s] market-leading international arbitration practice has marked prowess in handling complex and high-value Latin American disputes.”

    Experienced at negotiating settlements and mediations, our LatAm-focused lawyers also have top-level expertise in high-value, bet-the-company litigation if matters reach court.

  • Dechert’s leading white collar and investigations team is particularly adept at handling investigations on behalf of Latin American companies and executives, and we have a stellar track record assisting Latin American clients with criminal cases, internal investigations and enforcement matters, working in Spanish, Portuguese and English.

    We help clients design, implement and enforce effective compliance programs intended to minimize the risk of violations and encourage the early detection of potential problems. We also assist clients in developing codes of ethics, books and policies and procedures. Clients gain from our ability to anticipate disclosure responsibilities and focus on more subtle issues that might not be readily apparent.

  • We know how important it is to have expert local knowledge on the ground. That is why Dechert established its innovative Foreign Lawyer Program. Lawyers from Dechert’s trusted Latin American relationship firms are seconded to Dechert’s U.S. and European offices, and vice versa, strengthening our bond with local operators and enhancing each other’s experience to deliver the best legal service possible in the region.

Representative Experience

    • Banco Bradesco Cartões in the negotiation of a new Network Participation Agreement with American Express Limited and American Express Brasil Assessoria Empresarial Ltda.
    • Compañía Perforadora de México, a wholly-owned subsidiary of Grupo México, in five acquisitions of jack up rigs and drilling platforms for a total value of approximately US$1 billion for use in oil exploration and drilling in the Gulf of Mexico.
    • SMU, a Chile-based retailer with the largest Chilean food retail business, in its US$200 million initial public offering on the Santiago Stock Exchange. Previously represented SMU SA in a US$300 million Rule 144A/Regulation S offering of senior notes, marking its first international bond offering.
    • The Official Committee of Unsecured Creditors of LATAM Airlines Group, S.A., in the Chapter 11 cases of LATAM and its affiliates.
    • Hedge fund Citadel Advisors LLC in connection with the Colombia-based airline Avianca’s US$2.9 billion out-of-court restructuring and subsequent Chapter 11 cases.
    • Ad Hoc Noteholders Group in connection with the US$19 billion restructuring (Brazil’s largest-ever bankruptcy filing) of Oi S.A., Brazil’s leading telecommunications service provider formerly known as Brasil Telecom S.A.
    • Ad Hoc Noteholders Group in the highly contested cross-border restructuring of US$1.6 billion in defaulted notes issued by Vitro S.A.B. de C.V., Mexico's largest glass manufacturer.
    • Peaje Investments LLC, a special purpose vehicle managed by a prominent hedge fund and the largest holder of “unwrapped” special revenue bonds issued by the Puerto Rico Highways & Transportation Authority (PRHTA), in connection with all aspects of the Commonwealth of Puerto Rico’s debt restructuring.
    • Major bondholders in the cross-border restructuring of OAS, S.A., a Brazilian construction company.
    • The ad hoc group of noteholders in connection with the potential restructuring of Samarco Mineração S.A., a Brazil-based mining company, and its indebtedness.
    • The ad hoc group of noteholders in connection with the cross-border restructuring of a Chilean-based chain of automobile dealerships.
    • An affiliate of New York-based hedge fund Elliott Associates to enforce claims and judgments in excess of US$2.3 billion against the Republic of Argentina.
    • Entretenimiento GM de México in federal trial on breach of contract claims by affiliates of AMC Entertainment, Inc., defeating plaintiffs' claims and obtaining an order requiring plaintiffs to pay attorneys’ fees.
    • The CEO of a large international media company in an investigation by the U.S. Attorney’s Office for the Eastern District of New York related to alleged bribe payments in Latin America.
  • Corporate Disputes

    • A Brazilian investment holding company in an ICC arbitration arising out of a share purchase agreement and a shareholders’ agreement.
    • Three shareholders from Brazil, Chile and Spain against the fourth shareholder from Peru in an ICC arbitration arising from the construction of a cement factory.
    • Former Latin American controllers of a Chilean multinational pharmaceutical company against the former shareholders of the main pharmaceutical laboratory in Colombia in an ICC arbitration arising from the alleged breaches of a Share Purchase Agreement.

    Infrastructure and Transport

    • The Official Committee of Unsecured Creditors in LATAM Airlines’ 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.
    • Hedge fund Citadel Advisors LLC in connection with the Colombia-based airline Avianca’s US$2.9 billion out-of-court restructuring and subsequent Chapter 11 cases.
    • A European port operating company, Katoen Natie, against Uruguay in a potential ICSID arbitration arising from a concession contract for the operation of the container port of Montevideo.
    • A Peruvian company (subsidiary of a large Spanish construction group) against the Republic of Peru in an ICSID arbitration arising from the breach of a concession contract for the construction of a highway.
    • A South American Autonomous Municipal Government against a French design firm in an ICC arbitration arising from the performance of a contract for the supervision of the construction of a tramway line.
    • The Republic of Paraguay against a Portuguese construction company in a PCA arbitration under the rules of UNCITRAL arising from the construction of a bus rapid transit (BRT).
    • A Latin American State against a subsidiary of a Uruguayan company in an ICC arbitration arising from alleged breaches of a contract for the tune up and maintenance of roads.

    Electricity

    • One the largest power transmission companies in the world against Chile in an ICSID arbitration arising from the construction of the largest transmission line in the country and the imposition of fines by the state.
    • Transelec as part of a consortium of investors awarded a US$1.5 billion project finance bid for the development of a 1,500-kilometer high-voltage direct current transmission line in Chile – currently the largest project finance transaction in Latin America.
    • Argentina in a US$1.8 billion ICSID arbitration arising out of tariff calculation and adjustment mechanisms regarding several electricity generation companies.

    Mining

    • The Ecuadorian Ministry of Non-Renewable Natural Resources and Ministry Coordinator of Strategic Sectors in drafting the model mining exploitation and investment protection contracts.
    • Colombia against Glencore in an ICSID arbitration arising from the alleged threat of annulling a modification of a mining exploitation contract for a large-scale coal project in Colombia.
    • A Canadian mining company in an ICSID arbitration against El Salvador arising from the cancellation of mining licenses.

    Renewable Energy

    • The largest solar power generating company of a Central America State in an ICC arbitration arising from the breach of two power purchase agreements of solar plants.
    • The Brazilian subsidiary of a French energy company against a Central American State entity in an ICC arbitration arising from the construction of a hydroelectric power station.
    • A Central American State against a Spanish investor in an ICC arbitration related to the construction and operation of a 100 MW wind farm.

    Oil & Gas

    • A consortium of oil and gas companies against Perupetro S.A. in an ICSID arbitration concerning the threatened termination of a gas supply contract for alleged failure to pay royalties.
    • The subsidiary of a European petroleum company against a Colombian petroleum company in an ICC arbitration arising from the assignment of participating interests in E&P contracts in Colombia under a farmout agreement.
    • The Paraguayan State national oil company (Petropar) against PDVSA, the Venezuelan State-owned oil and natural gas company, in an ICC arbitration arising from Petropar’s alleged failure to comply with a cooperation agreement for a hydrocarbons supply.
    • A U.S. supplier of equipment for oil and gas producers in an ICC arbitration to terminate its Colombian distributor. 

    Telecommunications

    • Colombia against América Móvil in an ICSID arbitration arising from the State's enforcement of a contractual clause regulating the restitution of assets to the State after the termination of a concession contract for the provision of mobile telecom services.

Recognition

  • Restructuring Deal of the Year” - Latin Lawyer, Deals of the Year Awards 2022 – for the Chapter 11 restructuring of Latin American airline Avianca
  • Loans Deal of the Year” - International Financial Law Review, IFLR Americas Awards 2021 – for the US$2.45 billion debtor-in-possession financing extended to Chile-based LATAM Airlines, Latin America’s largest carrier
  • Banking & Finance Deal of the Year” - Latin Lawyer, Deals of the Year Awards 2021 – for the US$2.45 billion debtor-in-possession financing extended to Chile-based LATAM Airlines, Latin America’s largest carrier
  • Restructuring of the Year” - Latin Lawyer, Deals of the Year 2020 – for the restructuring of Brazilian oil-and-gas driller Serviços Petróleo de Constellation
  • Restructuring Deal of the Year” - International Financial Law Review, IFLR Americas Awards 2019 – for the US$20 billion restructuring of Brazilian telecoms provider Oi, the largest judicial reorganization ever undertaken in Latin America
  • Capital Markets Deal of the Year” - Latin Lawyer, Deals of the Year Awards 2019 – for Brazilian payment processor PagSeguro’s US$2.6 billion U.S. initial public offering
  • Restructuring of the Year” - Latin Lawyer, Deals of the Year Awards 2019 - for the US$20 billion restructuring of Brazilian telecoms provider Oi, the largest judicial reorganization ever undertaken in Latin America
  • Global Finance Deal of the Year” - The American Lawyer, Global Legal Awards 2018 - for the US$20 billion restructuring of Brazilian telecoms provider Oi, the largest judicial reorganization ever undertaken in Latin America
  • Restructuring of the Year” – LatinFinance, Deals of the Year Awards 2018 - for the US$20 billion restructuring of Brazilian telecoms provider Oi, the largest judicial reorganization ever undertaken in Latin America
  • Restructuring Deal of the Year” - International Financial Law Review, IFLR Americas Awards 2017 – for the cross-border restructuring of OAS, S.A., a Brazilian engineering and construction company with operations in 22 countries