Empresas ICA’s $3.5 Billion Restructuring

Cleary Gottlieb Steen & Hamilton, Ritch, Mueller, Heather y Nicolau, Cervantes Saínz, Espino y Gutiérrez, Arnold & Porter Kaye Scholer, Guerra González y Asociados, Mijares, Angoitia, Cortés y Fuentes and Holland & Knight advised on the transaction

Empresas ICA, S.A.B. de C.V. and its subsidiaries (ICA) successfully closed the restructuring of over $3.5 billion of indebtedness, which was implemented through a Mexican concurso mercantil proceeding with plan de reestructura previo (pre-packaged restructuring plan) approved on March 1, 2018.

The proceeding involved over $1.2 billion of international bonds, with the remainder of the claims composed of local creditors and claims under a rescue financing provided by an international investment fund.

The approval and publication of the convenio concursal constitute the last procedural milestones under the concurso proceeding, thereby concluding a year-long process of negotiations with creditors and restructuring of substantially all of the company’s debt. The restructuring of ICA is the largest insolvency of a Mexican company since 2015, when Cleary represented Casas Geo in its concurso mercantil proceeding.

Following the restructuring, ICA will continue to be one of Mexico’s largest construction companies, with a portfolio of projects that includes such marquee projects as the New Mexico City International Airport.

Cleary Gottlieb Steen & Hamilton advised ICA with Adam Brenneman (Picture), Richard Cooper, Jorge Juantorena, Christina Chinloy, Alejandra Melgoza-Morales, Isa Julson Barahona and Rodrigo Jiménez.

In Mexico, Ritch, Mueller, Heather y Nicolau advised ICA with Thomas S. Heather; Cervantes Saínz S.C. advised with Alejandro Saínz Orantes, Santiago Alessio Robles and Luis Estrella and Espino y Gutiérrez S.C. advised with Everardo Espino Guerrero.

Arnold & Porter Kaye Scholer advised Fintech Europa – as the main creditor – with Arturo Caraballo, Neil M. Goodman and Katy Benitez.

In Mexico, Guerra González y Asociados advised Fintech Europa with Jaime R. Guerra, Patricio Hidalgo, Elías Mendoza Murguía.

Mijares, Angoitia, Cortés y Fuentes S.C. advised Fintech Europa with Ricardo Maldonado Yáñez, Pilar Mata Fernández, Pedro A. García Ampudia and Fernando Ruiz Barrenechea.

Holland & Knight advised Bank of New York Mellon – acting as trust agent – with Alejandro Landa Thierry and Daniel Jiménez.

 

Involved fees earner: Jaime Guerra González – Guerra González y Asociados; Patricio Hidalgo Estrada – Guerra González y Asociados; Elías Mendoza Murguía – Guerra González y Asociados; Everardo Espino Guerrero – Espino Y Gutierrez; Thomas Heather – Ritch, Mueller, Heather y Nicolau, SC; Ricardo Maldonado-Yáñez – Mijares, Angoitia, Cortés y Fuentes, S.C.; Pilar Mata Fernández – Mijares, Angoitia, Cortés y Fuentes, S.C.; Pedro Antonio García Ampudia – Mijares, Angoitia, Cortés y Fuentes, S.C.; Fernando Ruíz Berrenechea – Mijares, Angoitia, Cortés y Fuentes, S.C.; Alejandro Sainz Orantes – Cervantes y Sainz; Santiago Alessio Robles – Cervantes y Sainz; Luis Antonio Estrella Saavedra – Cervantes y Sainz; Alejandro Landa Thierry – Holland & Knight; Daniel Jiménez – Holland & Knight; Arturo Caraballo – Arnold & Porter Kaye Scholer LLP; Neil Goodman – Arnold & Porter Kaye Scholer LLP; Katy Benitez – Arnold & Porter Kaye Scholer LLP; Adam Brenneman – Cleary Gottlieb Steen & Hamilton; Richard Cooper – Cleary Gottlieb Steen & Hamilton; Jorge Juantorena – Cleary Gottlieb Steen & Hamilton; Christina Chinloy – Cleary Gottlieb Steen & Hamilton; Alejandra Melgoza Morales – Cleary Gottlieb Steen & Hamilton; Isa Julson Barahona – Cleary Gottlieb Steen & Hamilton;

Law Firms: Guerra González y Asociados; Espino Y Gutierrez; Ritch, Mueller, Heather y Nicolau, SC; Mijares, Angoitia, Cortés y Fuentes, S.C.; Cervantes y Sainz; Holland & Knight; Arnold & Porter Kaye Scholer LLP; Cleary Gottlieb Steen & Hamilton;

Clients: Bank of New York Mellon; Empresas ICA SAB de CV; Fintech Europa;

 

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Author: Ambrogio Visconti