RAD assists in financial restructuring of Atento
Rebaza Alcázar & De Las Casas has assisted an ad hoc group of noteholders, issued by Atento Luxco 1 (Atento), as well as Glas Trust Corporation Limited and Wilimington Trust (London) Limited, collateral agents, in the multi-jurisdictional financial restructuring of Atento.
This transaction was carried out under the Restructuring Plan approved by Atento’s creditors pursuant to Part 26A of the Companies Act 2006 under UK law.
The restructuring consisted of a debt for equity swap in favour of Atento’s financial creditors for liabilities of up to USD 650 million; and included the provision of USD 76 million of exit financing in favour of Atento, which significantly stabilised Atento’s financial position for further technological and geographic growth.
Hogan Lovells advised the noteholders internationally, while Estudio Berninzon and Sidley Austin advised Atento Luxco 1 locally and internationally, respectively.
The advice involved the structuring of the collateral package to be granted to secure Atento’s debt with its creditors, as well as the evaluation of different corporate, contractual and insolvency legal aspects of Atento’s financial restructuring involving its subsidiaries, including the Peruvian subsidiary, Teleatento del Perú.
Atento, incorporated in Luxembourg and with a predominant presence in Latin America and part of Europe, is a global provider of data services and business process outsourcing.
RAD’s team consisted of partners Alberto Rebaza (pictured left), José Jiménez (pictured centre, left), Daniel Gonzales (pictured centre, right) and Fabio Nuñez del Prado (pictured right), senior associate Andrea Rieckhof, and associates Valeria Sánchez, Álvaro Luna Victoria and Camila Hernández.
