Salvador Valdés, Ricardo Reveco and Manuel José Garcés

Carey assists CorpGroup in liability restructuring

Carey has assisted CorpGroup, as well as CorpGroup Banking and Compañía Inmobiliaria y de Inversiones SAGA, among others, in the restructuring of its liabilities, including a 144A bond issued under New York law and secured and senior bank debt, in a Chapter 11 proceeding before the US Bankruptcy Court, as well as in a series of litigation and direct debt renegotiations associated therewith.

The transaction closed on 15 June for approximately $2 billion US dollars.

The deal is one of the largest insolvency cases in Chilean history, and involved creditors from the Chilean, Colombian and US jurisdictions, involving insolvency, corporate and directors’ liability, among others, filed in the Delaware Bankruptcy Court.

Simpson Thacher & Bartlett and Young Conaway Stargatt & Taylor also acted as counsel to CorpGroup; Wachtell Lipton Rosen & Katz and Morris Nichols Arsht & Tunnell acted as counsel to Itaú Unibanco; Morgan Lewis & Bockius and Robinson & Cole acted as counsel to Official Committee of Unsecured Creditors; Armstrong Teasdale acted as counsel to BCI; Bayard P.A. and Morris James acted as counsel to Deutsche Bank Trust Company Americas; Paul Hastings and Garrigues acted as counsel to Banco Estado. Lazard and FTI acted as financial advisors.

Andrés Winter Salgado, Cristobal Elzo and Alberto Mattos acted as in-house counsels to CorpGroup.

The teams of lawyers from the firms advising the parties involved were as follows:

  • Simpson Thacher & Bartlett: partners Michael Torkin, Bryce Friedman and David Williams.
  • Young Conaway Stargatt & Taylor: partner Pauline K. Morgan.
  • Wachtell Lipton Rosen & Katz: of counsel Philip Mindlin.
  • Morris Nichols Arsht & Tunnell: partner Derek Abbott.
  • Morgan Lewis & Bockius: partner Glenn E. Siegel.
  • Robinson & Cole: partner Jamie L. Edmonson.
  • Armstrong Teasdale: partners David Going and Rafael Zahralddin.
  • Bayard P.A.: partner Evan Miller.
  • Morris James: partner Eric Monzo.
  • Paul Hastings: partner Pedro A. Jiménez.
  • Garrigues: partner Pedro García Morales.
  • Carey: partners Salvador Valdés (pictured left), Ricardo Reveco (pictured centre) and Manuel José Garcés (pictured right), and associates Roberto Villaseca, Matías Garcés, Francisco Torm, Daniela Lozano and Nicolás Fosk.

L Giselle Estrada

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