BSVV counsels LAP on $401m sale of wind farms
Barros Silva Varela & Vigil has counselled Latin America Power (LAP), whose shareholders are BTG Pactual and Patria Investments, on the agreement for the sale of its subsidiaries San Juan and Norvind for USD 401 million.
This transaction was signed on 28 June and its closing was subject to the conditions usually stipulated for this type of transaction, with the authorisation of the National Economic Prosecutor’s Office (Fiscalía Nacional Económica).
San Juan and Norvind are operators of NCRE wind power generation plants with an installed capacity of 193.2 MW and 46 MW, respectively.
The transaction was challenging, considering that LAP emerged a few months ago from a reorganisation proceeding under Chapter 11 of the US bankruptcy law, after an arduous negotiation with its bondholders. In that context, a procedure for the sale of the company was agreed, according to which a number of requirements had to be met in order to achieve the sale agreement, and imposed that this had to be coordinated with the full prepayment of secured and convertible bond facilities.
LAP was also advised by Greenberg Traurig LLP in the USA and Ogier in the Cayman Islands. Colbún was also advised by Barros & Errázuriz in Chile and Sullivan & Cromwell in the US. Cleary Gottlieb participated as counsel to the bondholders and Alston & Bird as counsel to the bank representing the bondholders.
BSVV’s team was led by partners Jorge Vigil (pictured left) on M&A aspects, Fernando Barros Vial (pictured centre, left) on corporate and financing matters, José Manuel Bustamante (pictured centre, right) on antitrust matters and Pilar González (pictured right) on tax matters. Senior associate Josefina Castro led the team on its various fronts, with the participation of associates Natalia Galindo Bañados, Gabriel Strappa García de la Huerta and Felipe Lama Cartagena.
B&E’s team was led by partners José Tomás Errázuriz and Fernando Garrido, with support from Luis Alberto Letelier, Cristián Barros, Javier Díaz, Francisco Bórquez, Carlos Ducci, Juan José Romero, Martín Gutierrez, Luis Bravo, Catalina Villalobos, Brian Chernin, Mara Angelini, Trinidad Benavente, Rodrigo Jeria, Ignacio Quintana, Javiera Lagos, Francisca Ossa and Catalina Vergara.
