Latin Lawyer Recognizes Dechert Matter as “Restructuring of the Year”

A Dechert LLP matter - the restructuring of Brazilian oil-and-gas driller Serviços Petróleo de Constellation – has been recognized by Latin Lawyer as “Restructuring of the Year” in the publication’s 14th annual Deals of the Year Awards.

Latin Lawyer’s editorial team selected the winning deals based on the novelty, complexity, impact and significance of the legal work involved. Nominated deals must have closed in 2019.

Constellation filed for judicial recovery proceedings in Rio de Janeiro in December 2018. Ancillary proceedings were also filed in the British Virgin Islands and in New York bankruptcy court, where the company sought to restructure US$1.5 billion of debt governed by New York law.

Dechert, led by Allan Brilliant, chair of the firm’s financial restructuring practice, served as international counsel to a large holder of Constellation’s 2024 bonds. The firm worked with Brazilian counsel, Cascione Pulino Boulos Advogados, in objecting to Constellation’s plan of reorganization in Brazil. In addition, the firm objected to Constellation’s motion to enforce the plan in the United States in chapter 15 proceedings before the Southern District of New York bankruptcy court.

In November 2019, Constellation reached a settlement with Dechert’s client, allowing it to close a pre-packaged bankruptcy deal with creditors in December 2019, bringing to a close one of Latin America’s largest and most complicated bankruptcy filings.

The Constellation matter was also named “Restructuring Deal of the Year” by the International Financial Law Review in its IFLR Americas Awards 2020.

About Dechert

Dechert is a leading global law firm with 26 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.