Loryser SA’s Debts Restructuring

Pérez del Castillo & Asociados advised Loryser S.A. on the procedure

Loryser SA, operating as the Uruguayan subsidiary of Orosur Mining Inc., reached an agreement with the majority of its creditors. At that time, 68% of the creditors by value had executed the Agreement. Loryser has continued to receive support for its plan in recent months from additional creditors, increasing the endorsement of the Agreement at the date of this announcement to approximately 72% of creditors by value, comprising 67 different creditors.

Pursuant to the Uruguayan Reorganization Act, the reorganisation process and the Agreement are subject to consideration by the Court and the Intervenor, and the normal formal procedures for approval. As part of the reorganisation process, the Intervenor has been reviewing the legitimity of the creditors’ debt claim in order to prepare the final list of creditors. Out of more than 150 creditors, only a small minority is still under discussion and review due to minor formalities. The process will continue by the Court confirming formally that the majorities required for the Agreement were effectively obtained, which will be followed by public notice of the Agreement to all interested parties. Provided there is no valid opposition, the Court will proceed to ratify the Agreement and the ratification process is expected to conclude during the first half of 2019. Once approved by the Court, the Agreement will be legally binding on all the creditors and Loryser’s creditor protection status will cease together with Intervenor’s control over Loryser.

Pérez del Castillo & Asociados advised Loryser S.A. on the procedure with a team including Matías Pérez del Castillo (Picture), Miguel Casanova and Lucía Estrada.

Involved fees earner: Miguel Casanova – Pérez del Castillo Escribanos; Lucía Estrada – Pérez del Castillo Escribanos; Matías Pérez del Castillo – Pérez del Castillo Escribanos;

Law Firms: Pérez del Castillo Escribanos;

Clients: Loryser S.A.;

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Author: Ambrogio Visconti.