Cleary Gottlieb advises ICA on $3.5bn restructuring
Cleary Gottlieb represented Mexican construction company ICA in the restructuring of its $3.5 billion debt.
ICA, S.A.B. de C.V. is construction compant in Mexico. It is currently tasked with a number of key constructions projetcs, including the new international airport of Mexico City.
The restructuring was implemented through a Mexican concurso mercantil proceeding with plan de reestructura previo (pre-packaged restructuring plan) approved on March 1, 2018. The proceeding involved over $1.2 billion of international bonds, with the remainder of the claims composed of local creditors and claims under a rescue financing provided by an international investment fund.
The restructuring of ICA is reportedly Mexico´s largest insolvency since 2015.
The Cleary team included partners Adam Brenneman, Richard Cooper, and Jorge Juantorena.
