PAGBAM counsels Hospitality Infrastructure and Latin Advisors on refinancing deal

Pérez Alati, Grondona, Benites & Arntsen has assisted creditors in a refinancing agreement with Ponte Armelina and TGLT Uruguay

 Pérez Alati, Grondona, Benites & Arntsen has counselled Hospitality Infrastructure and Latin Advisors on a refinancing agreement with Ponte Armelina (PASA), as debtor, and TGLT Uruguay, as guarantor, for the purpose of documenting in a single common facility the Creditors’ loans to PASA, which amount due as of the date of the agreement was $3,054,927 US dollars, as well as granting additional guarantees in favour of the creditors.

The Refinancing Agreement will be secured, inter alia, by the following collateral: a pledge over 100% of the shares of PASA; an assignment in favour of the creditors of the right to collect the repayment of the escrow deposit made by PASA with Banque Heritage (Uruguay); assignments in security to be entered into between TGLT, as assignor, and the creditors for the purpose of assigning in security: TGLT’s rights to certain functional units and certain sales tickets in various real estate projects; TGLT’s rights to receive certain dividends from Logística Ambiental Mediterránea and Limp Ar Rosario; rights to receive certain amounts and profits arising from the joint venture agreement entered into between TGLT and Crik; and certain payments to be received by TGLT under the works contract entered into between TGLT and the National Atomic Energy Commission; and a pledge over a bank current account of TGLT.

Posadas & Posadas and Guyer & Regules also acted in the transaction with respect to Uruguayan law issues, advising the creditors and TGLT and PASA, respectively.

TGLT, PASA and TGLT Uruguay also obtained advice from their legal director Daniel Antúnez.

Posadas & Posadas’ team consisted of partner Victoria Garabato (pictured top right), together with associates José María Tais, Maria Clara Arocena and Florencia Larraburu.

Guyer & Regules’ team was led by partner Beatriz María Spiess (pictured bottom right), assisted by associates Rodrigo Varela Ros and Sofía Anza Guerra.

PAGBAM’s team was led by partner Diego Serrano Redonnet (pictured left) and associates Nicolás Aberastury, Alejo Muñoz de Toro, Nahuel Pérez de Villarreal and Jerónimo Argonz.