Allan S. Brilliant
New York +1 212 698 3600
U.S. and overseas businesses call upon Dechert to advise on cross-border restructurings. We have represented clients in restructurings and insolvency proceedings in Brazil, Ukraine and the Czech Republic, among many other countries.
When needed, the financial restructuring lawyers collaborate with other Dechert lawyers to support collateral aspects of restructurings, including mergers and acquisitions and leveraged finance. Our lawyers also work with crisis managers and investment banks and other financial advisors with whom they have longstanding working relationships.
Dechert’s financial restructuring lawyers are experienced in restructurings and other distressed company and asset matters in emerging markets. Our work includes bankruptcy and insolvency proceedings and out-of-court restructurings, financings and multinational debtor/creditor litigation involving parties and legal venues in Mexico, Brazil, Chile, Puerto Rico, Argentina, Latvia, Ukraine and the Czech Republic, among other countries.
The practice is especially active in restructurings and distressed asset transactions in Latin America. In recent years, Latin America experienced a wave of debt restructurings, and Dechert played key roles in a number of them, including in the cross-border restructurings of 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. Many global law firms advising on cross-border matters involving a Latin American party encounter difficulties because of complicated regulations developed long before the internationalization of the capital markets. For more than three decades, though, Dechert has represented clients in all manner of transactions in Latin American markets and understands the regulatory structures in place as well as dispute resolution practices throughout the region.
The group represents major parties in interest in many of the most significant and highly publicized U.S. bankruptcies and restructurings. Past matters include the representation of the debtor in RCS Capital Corporation; the noteholders in Terraform Power, Logan’s Roadhouse and Modular Space Corporation; the county in Macomb County in the City of Detroit; and the successful plan proponent in Scotia Pacific and Pacific Lumber.
No other firm has more experience advising on the restructuring and reorganization of defaulted commercial mortgage-backed securities (CMBS) loans than Dechert. The firm represented two of the largest creditors in two of the largest CMBS bankruptcies of the past several years – Innkeepers USA Trust and MSR Resorts.
Dechert’s skillful litigators achieve success at trial and before appellate courts. The cases are complex, many of which are highly contested Chapter 11 and Chapter 15 cases. We represent parties in disputes in connection with U.S. and cross-border reorganizations, restructurings, liquidations, indentures and disputed claim settlements. The litigation team has been recognized by the industry for its excellence. For example, the Financial Times in 2013 chose Dechert as one of the “top U.S. innovative law firms” for its “standout” work as lead counsel for an ad hoc noteholders group in the highly contested cross-border US$1.6 billion restructuring of defaulted notes issued by Vitro S.A.B. de C.V., Mexico's largest glass manufacturer.
Dechert lawyers advise acquirers of the securities of distressed businesses through: debt for equity exchanges; waivers, amendments and forbearances; recapitalizations; consensual and non-consensual restructurings; analyzing legal and structural issues and investment considerations; and claims trading in distressed enterprises.
Dechert advises acquirers of distressed businesses throughout the life cycle of the transaction. In the early stages, we issue letters of intent, perform due diligence, negotiate fees and obtain bidding and successor liability protections. We continue guiding the client every step of the way, including applying to the bankruptcy court for approval of documentation and closing purchase and sale transactions.
For private equity, hedge and investment funds raising money and investing in distressed debt and equity, the team brings together the firm’s corporate, finance and litigation lawyers to navigate complex regulatory issues. These include antitrust and competition regulation, employee benefits and ERISA matters, environmental compliance, securities laws and tax issues. We also help arrange distressed debt and equity financing and create alternative investment vehicles.