Insolvency Proceedings and Financial Restructuring
The scope of our practice and the successes we have achieved on behalf of our clients are characteristics that truly distinguish our firm.
International Asset Management has one of the strongest financial restructuring practices in Latin America. Our attorneys handle debt restructurings often controlled by foreign investors. Thus, we have advised our clients on the challenges involved in private restructuring operations involving numerous creditors or taking place in different jurisdictions.
Our team is the first in Mexico to achieve a true consensual restructuring of a company through a new construction of bankruptcy.
For years, we have actively represented a number of manufacturing, commercial and service companies in their capacity as debtors, during a wide range of financial transactions, including:
- Claims (secured or unsecured).
- Syndicated claims, either on behalf of the Mexican debtor or the administrative agent and guarantees in syndicated credits of one of the participants.
- Asset financing.
- Debt swap.
Our attorneys are trained to represent debtors and creditors in all activities involved in a complex restructuring. In addition to negotiation capabilities, our team can handle all transactional aspects of a restructuring, including all securities issuances, as well as all judicial aspects of a restructuring, such as bankruptcy and hostile litigation.
Typically, in the Mexican market, a client would need to hire the services of more than one firm for this job. But not with us. No other team of lawyers has handled so many bankruptcy cases, along with advising their clients on all corporate aspects of restructuring.
Our most recent relevant cases include:
Corporación Geo (Geo Corporation)
- Representation of Corporación Geo during its liquidation process.
- Lawyer for Corporación Geo during the first restructuring presented in Mexico since the reform of the Commercial Bankruptcy Law in January 2014. This was achieved through a bankruptcy procedure with a previous restructuring plan.
- External advisor to Corporación Geo and its subsidiaries during the fulfillment of their obligations to the Mexican Stock Exchange and the National Banking and Securities Commission. Our team also advised Corporación Geo and its subsidiaries when preparing the shareholder resolution to dissolve and liquidate said companies and/or declare them bankrupt.
Hipotecaria Su Casita (Mortgage Su Casita)
- Advising Hipotecaria Su Casita during a successful agreement with their creditors. We have continued representing the mortgagee in relation to more than eight claims from creditors who were not involved in the exchange of the company’s debt for new long-term instruments. As a result of our client’s failure to obtain new funding from the Mexican government, as required by the company’s business plan, our team filed a bankruptcy filing in federal court and strategically obtained a stay of all collection proceedings. We organized an orderly management of transfers and the collection of loan portfolios to third parties in order to maximize the value of assets as payment. As a result of this transaction,
International Asset Management
is recognized in Mexico as one of the most experienced teams specializing in bankruptcy, debt restructuring and related litigation.
- Our team acted as an external advisor to Hipotecaria Su Casita, in the fulfillment of its corporate obligations and advised the company and its shareholders during its dissolution, liquidation and bankruptcy.
International Asset Management
is currently working in the liquidation phase, having achieved a first-of-its-kind organized process.
Quesería Dos Lagunas (Cheese Factory Dos Lagunas)
- International Asset Management acted as external legal advisor to Quesería Dos Lagunas, one of the leading dairy producers in Mexico, during its corporate reorganization process. This included, among other aspects, a total reform of its bylaws.
Deutsche Bank
International Asset Management
represented Deutsche Bank as trustee in a certain Trust Agreement related to the insolvency proceedings of Perforadora Oro Negro, (Black Gold Drilling Company), in which court orders have been issued requiring Deutsche Bank to transfer certain amounts to Perforadora Oro Negro pursuant to the Trust Agreement.
Abengoa Mexico
- International Asset Management represents Abengoa Mexico and its subsidiaries in the restructuring of its debt with various creditors. Financial restructuring negotiations began in November 2015, including government institutions, banks, private investors and holders of certain bond programs. Our team is also advising on the global reorganization of Abengoa, which involves debt in countries such as Spain, France, the Netherlands, the United States, Brazil, Uruguay, Argentina, Peru, Chile, Venezuela, China, the United Arab Emirates, among others.
Banco Mercantil del Norte (Commercial Bank of the North)
- International Asset Management advised the creditor, Banco Mercantil del Norte, Institución de Banca Múltiple (Multipurpose Banking Institution), Grupo Financiero Banorte (Banorte Financial Group), during the insolvency proceedings of M&G Polímeros México (M&G Mexican Polymers), and certain companies of the same corporate group. We also represented Alpek of Grupo Alfa (Alpha Group) during these same bankruptcy proceedings.
- International Asset Management advised Banco Mercantil del Norte, Institución de Banca Múltiple, Grupo Financiero Banorte during its bankruptcy proceedings in relation to its status as a trustee under a certain business trust.