Cleary Gottlieb Steen & Hamilton, Martínez de Hoz & Rueda, Tanoira Cassagne and Pillsbury Winthrop Shaw Pittman advised on the transaction
Industrias Metalúrgicas Pescarmona S.A. (IMPSA S.A.) implemented the restructuring of approximately $412 million of U.S. dollar-denominated bonds issued by IMPSA and its affiliate WPE International Coöperatief U.A. (the old bonds).
The settlement closed on August 9, 2018, with an acceptance level of holders of over 95 percent of the outstanding principal amount of the old bonds.
The restructuring was effected in furtherance of the Argentine out-of-court reorganization agreements (acuerdos preventivos extrajudiciales) of IMPSA and its affiliate, Venti S.A., which were confirmed by Argentine courts on October 2-3, 2017.
The restructuring was among the most challenging Argentine debt restructurings in recent years and involved an aggregate amount of liabilities of approximately $1.25 billion, with a variety of different secured and unsecured creditor constituencies and complex financial issues.
The restructuring was implemented with respect to the old bonds through the delivery of new bonds issued by IMPSA (or the cash equivalent) under a process designed to permit compliance with securities regulations and mitigate the risk of ongoing litigation.
Banco Comafi S.A. acted as local payment agent and Deutsche Bank acted as trustee on the transaction.
Cleary Gottlieb Steen & Hamilton advised Industrias Metalúrgicas Pescarmona S.A. with Andrés de la Cruz (Picture), Rodrigo López Lapeña and Benjamín Terán.
Martínez de Hoz & Rueda advised Industrias Metalúrgicas Pescarmona S.A. with Martín Lepiane, Luisina Luccini and Valeria Celesti.
Tanoira Cassagne advised Banco Comafi S.A. with Alexia Rosenthal and Ignacio Criado Díaz.
Pillsbury Winthrop Shaw Pittman advised Deutsche Bank with Peter Baumgaertner and Frank Vivero.
Involved fees earner: Martín Lepiane – Martínez de Hoz & Rueda; Luisina Luccini – Martínez de Hoz & Rueda; Valeria Celesti – Martínez de Hoz & Rueda; Alexia Rosenthal – Tanoira Cassagne; Ignacio Criado Díaz – Tanoira Cassagne; Peter Baumgaertner – Pillsbury Winthrop Shaw Pittman LLP; Frank Vivero – Pillsbury Winthrop Shaw Pittman LLP; Andrés De la Cruz – Cleary Gottlieb Steen & Hamilton; Rodrigo López Lapeña – Cleary Gottlieb Steen & Hamilton;