Foley has extensive experience in representing clients with cross-border matters both generally and specifically to multiple industries (including finance, real estate, services, energy, oil, healthcare, and securities), as well as cross-border workouts and insolvencies throughout the world.
In fact, Foley’s international practice includes attorneys and governmental affairs professionals who have spent years living, traveling and working in Central and Latin America (including Bermuda, British Virgin Islands and Grand Cayman), Europe, and Asia, and have deep roots in those regions. Not only are many of our practice members fluent in the native languages of multiple countries, they also fully understand the culture and the nuances of successfully handling negotiations, resolving disputes, and closing deals throughout those regions.
In addition, Foley regularly serves in all aspects of complex litigation involving asset recovery, corporate finance and debt capital markets issuances, including as underwriter’s counsel, indenture trustee’s counsel, bond counsel, trustee/receiver’s counsel and issuer’s/borrower’s counsel. We also represent an array of other participants such as credit enhancers, liquidity providers, securitizers and major investors. We have strong working relationships with major market participants and extensive experience with a wide variety of sophisticated transactions. We offer seamless collaboration for sharing insights and ideas to close transactions.
Cross-Border Workouts and Insolvency
Our team members have experience in some of the highest profile cross-border insolvency proceedings and workouts involving debtors in other jurisdictions, including the Cayman Islands, Bermuda, BVI, Mexico, Latin America, Europe and Asia.
Our cross-border and insolvency services include:
- sale, disposition and monetization of assets
- implementation of receivers, trustees, CRO’s, crisis managers and other fiduciary positions
- white collar and criminal matters
- investigations and forensic work
- board and management issues
- corporate and tax matters
- complex litigation involving asset recovery, fraudulent conveyances, avoidance actions and claw back actions
Bankruptcy & Restructuring
Our team routinely assists clients in their capacities as creditors, bondholders, investors, and other significant constituencies in Chapter 11 proceedings. We also represent fiduciaries in all aspects of insolvency and debtor/creditor cases, including the representation of parties-in-interest in connection with Chapter 15 proceedings, trustees in Chapter 7 and 11 cases, examiners in Chapter 11 cases; and plan administrators and liquidating trustees. We also assist in structuring and documenting repayment, restructuring, and work-out options for clients facing financial difficulties and those dealing with third parties in financial distress. We routinely address capital access, restructurings and bankruptcy, venture capital/private equity, and tax-exempt issues.
Our team has worked on the sale and purchase of assets, both in court-supervised and out-of-court transactions. We provide the full range of related and ancillary services such as foreign investment structuring, regulatory issues, permitting, labor and employment issues and tax counseling.
Our team has extensive experience in debt capital markets transactions and is supported by a deep bench of securities litigation attorneys who can provide support on any issues which may arise in adversary proceedings.
- Represented Trinidad Cement Limited (TCL) Group, a multinational leading producer of cement products, based in Trinidad and Tobago, and subsidiaries in Trinidad, Barbados, Guyana, Jamaica and Anguilla in one of the largest restructuring matters in the Caribbean, collectively re-profiling nearly TT$1.95 billion (approximately U.S.$310 million) of the group’s outstanding debt.
- Represented four of the largest investors in the Cayman debtor fund at issue in Stillwater Asset Backed Offshore Fund Ltd. in an involuntary Chapter 11 filed in the S.D.N.Y.
- Represented an Icelandic bankruptcy trustee and obtained recognition under Chapter 15 and proceeded to a sale of U.S. assets under Section 363 of the Bankruptcy Code.
- Represented Banco Supervielle Société Générale S.A., as administrative agent, in a $60,000,000 bridge loan, and as underwriter in the subsequent take-out financing through the issuance pursuant to Regulation S of $60,000,000 of Medium Term Notes, for Transportadora de Gas del Norte S.A., an Argentine natural gas distributor.
- Represented the U.S. importer of the Tortuga Rum Company, in connection with the consolidation of various businesses affiliated with the rum company under a new holding company and the sale of a controlling interest in the holding company to the Jamaica Producers Group, a Jamaican public company.
- Represented the indenture trustee for Hellas Telecommunications, a Greek telecommunications provider, for PIK notes issued in the face amount of 200,000,000 € and secured a judgment against the issuer and guarantor in excess of $560 million.
- Represented an indenture trustee in the restructuring of Grupo Iusacell, S.A.B. de C.V. under Mexican restructuring law.
- Represented a large investor in an offshore fund related to Aramid Entertainment Fund Limited, a Chapter 11 debtor in S.D.N.Y. Bankruptcy Court.
- Represented Banco Santander S.A., Institución de Banca Múltiple, Grupo Financiero Santander and Standard Chartered Bank, as administrative agents, in a MXN$421,921,500 / U.S.$111,000,000 Dual Currency Senior Unsecured Credit Facility to Grupo Petrotemex, S.A. de C.V., the sole producer in Mexico and the second-largest producer and supplier in NAFTA of purified terephtallic acid (PTA) and dimethyl-terphtalate (DMT), the main raw materials for the production of polyester derivatives, and a significant producer of polyethylene terephthalate (PET) and polyester fibers.
- Represented BNP Paribas, New York Branch, as administrative agent, in a $1,156,000,000 syndicated senior revolving credit facility to Petróleos de Venezuela S.A., the Venezuelan state oil company.
- Represented Corporación Andina de Fomento (CAF), a multilateral development bank, as lender, in a $250,000,000 senior unsecured A/B loan facility for YPF Sociedad Anónima, the largest hydrocarbons producer in Argentina.
- Represented Calyon, London Branch, as administrative agent, in a $100,000,000 syndicated senior secured credit facility to Pluspetrol Camisea, S.A. to partially finance the development of the Peruvian Camisea natural gas fields, some of the largest natural gas fields in Latin America.
- Represented Calyon, New York Branch, as administrative agent, in a $200,000,000 syndicated senior credit facility to Pan American Energy, LLC, Argentine Branch, the second largest hydrocarbons producer in Argentina.
- Represented a Central American financial institution, as agent, in connection with a $30,000,000 uncommitted senior secured revolving credit facility for a multinational petroleum company, to be used for working capital in its operations in Central America.
- Represented Banco Santander S.A. and KfW represented by KfW IPEX-Bank GmbH, as lead arrangers, in a €43,776,886 Hermes Buyers Credit Facility, and a companion €47,221,572 export refinancing credit facility, to Companhia Integrada Textil de Pernambuco, a Brazilian petrochemicals company, guaranteed by its parent company, Petróleo Brasileiro S.A. (PETROBRAS), for the turn-key construction by a German supplier of a polymerization plant for the production of high viscosity polyester (PET) bottle-grade chips and a separate polymerization plant for the production of textile-grade semi-dull polyester polymers in Pernambuco, Brazil.
- Represented acquirer-plan funder in $405 million acquisition of certain U.S. and Canadian debtors in the SquareTwo Financial Corp. et al Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York and the Ontario Superior Court of Justice.
- Represented Corporación Durango, S.A. de C.V., as debtor, in a financial restructuring under the Mexican Business Reorganization Law (Ley de Concursos Mercantiles).
- Represented the former manager of a hedge fund organized in the Cayman Islands, A.J.W., which filed an insolvency proceeding in the Cayman Islands and a Chapter 15 proceeding in the S.D.N.Y.
- Represented the receivers in multiple Chinese reverse mergers, where the public U.S. entities have “gone dark” and left the U.S. investors behind in marshalling assets in the U.S., the BVI, Hong Kong and China.
- Represented a bankruptcy trustee appointed in Osaka Japan in Chapter 15 recognition and assistance, including enforcing a Japanese judgment.