Jara Del Favero counsels Toesca on LATAM airlines fund

Jara del Favero Abogados has assisted the private equity group on the airlines restructuring fund

Jara del Favero steered the Chilean private equity and asset management group Toesca on the creation of a fund after the LATAM Airlines Chapter 11 bankruptcy protection in May to finance and restructure the company.

Although the target of the fund was raising $152 million, finally, the operation doubled the estimated and raised $310 million.

Toesca is a Chilean group focused on investment all over Latin America. The purchase of the Chilean assets of Sacyr and GasValpo were two of the most recent significant operations of the group.

LATAM airlines bankruptcy has been one of the most prominent news in the late year. After securing the financing from some private investors, the airlines restructuring plan was approved by the Chilean regulator and the New York insolvency court.

Toesca fund will be part of the debtor-in-possession agreement.

Jara Del Favero Abogados team was led by partner Alvaro Caviedes (pictured), and involved director Christian Schiessler, and attorneys Macarena Naranjo and Cristián Jiménez.