Thursday, 10 October 2019, New York

GRR’s afternoon event in New York will bring together high-level practitioners, in-house counsel, experts and academics to discuss the latest trends in Latin America, providing an insight into a new and developing area of restructuring. The conference will offer the audience an exclusive opportunity to propose questions to some of the leading figures working on this area and cases effected by the restructuring changes in Latin America. The audience will be made up of delegates from across the US and internationally, allowing attendees to connect with and learn from like-minded individuals during the conference sessions and the networking breaks.

E-mail Tel: +44 20 3780 4137

Chairs

Donald Bernstein

Davis Polk & Wardwell

Mr. Bernstein, chairman of Davis Polk’s Insolvency and Restructuring Group, is globally recognized as among the small group of leading insolvency lawyers in the world. His practice includes representing debtors, creditors, liquidators, receivers and acquirers in major corporate restructurings and insolvency proceedings, as well as advising financial institutions and other clients regarding credit risks involved in derivatives, securities transactions, and other domestic and international financial transactions.

Lisa Schweitzer

Cleary Gottlieb Steen & Hamilton

Lisa Schweitzer’s practice focuses on financial restructuring, bankruptcy, insolvency and commercial litigation. She has advised clients in some of the most high-profile bankruptcy matters in North America, and her work repeatedly has been recognized by the business and legal press. Among her many highlights, Lisa is lead US restructuring counsel to Nortel Networks Inc. and affiliates in their US Chapter 11 proceedings.

Speakers

Fernando del Castillo

del Castillo & Castro

Richard Cooper

Cleary Gottlieb Steen & Hamilton

Thomas Felsberg

Felsberg

Arthur Gonzalez

Financial Oversight and Management Board for Puerto Rico

Timothy Graulich

Davis Polk & Wardwell

John Singh

PJT Partners

Stephen Spencer

Houlihan Lokey

Mark Walker

Guggenheim Securities

Programme

13.30: Welcome coffee and registration  

14.00: Chairs’ welcome 

Donald Bernstein, Davis Polk & Wardwell  
Lisa Schweitzer, Cleary Gottlieb Steen & Hamilton 

14.10: Session one: Has Chapter 15 altered Latin American restructuring practice?

Over the past several years, a series of companies have sought and obtained chapter 15 recognition of their local restructuring cases, often on a contested basis. This panel explores how the recognition process, and the issues litigated in recent cases, have affected the techniques and practices used in Latin American restructurings.

Some of the questions our panel are likely to discuss include: 

  • How have recent contested cases altered practices in Brazil and Mexico in both their local cases and in seeking chapter 15 recognition?
  • To what extent are US bankruptcy concepts (such as DIP financing, exit financing and substantive consolidation) being adopted in local Latin American restructuring?
  • How are these effects a result of cross border precedents?

Moderator:
Lisa Schweitzer, Cleary Gottlieb Steen & Hamilton 

Panel:
Fernando del Castillo, del Castillo & Castro
Thomas Felsberg, Felsberg
Timothy Graulich, Davis Polk & Wardwell
John Singh, PJT Partners

15.25: Coffee break 

15.55: Session two: Governmental restructurings in the Americas: the dynamics behind Puerto Rico and Venezuela

This panel will focus on two distressed governments in the Americas — Puerto Rico and Venezuela. In both cases, restructuring efforts have faced unusual obstacles, even by the standards of sovereign debtors. In the case of Puerto Rico, these obstacles have included uncertainties over the legal authority of Puerto Rico’s federally appointed Oversight Board, tensions between financial creditors and the holders of other governmental obligations. In the case of Venezuela, after much delay, the parties are finally focusing on the contours of a debt negotiation that is yet to occur.

The issues our panel are likely to address include:

  • The obstacles Puerto Rico has faced - such as two hurricanes, a complex debt structure and a spate of claim objections and other litigation;
  • The larger political forces that have delayed restructuring efforts in Venezuela;
  • The implications of these and other obstacles and the dynamics that are now driving these cases; and
  • What does the future look like?

Moderator:
Donald Bernstein, Davis Polk & Wardwell  

Panel:
Richard Cooper, Cleary Gottlieb Steen & Hamilton 
Arthur Gonzalez, Financial Oversight & Management Board for Puerto Rico
Mark Walker, Guggenheim Securities
Stephen Spencer, Houlihan Lokey

17:10: Chairs' closing remarks 

Donald Bernstein, Davis Polk & Wardwell  
Lisa Schweitzer, Cleary Gottlieb Steen & Hamilton 

17.20 Onwards: All delegates are invited to a drinks reception kindly hosted by Cleary Gottlieb Steen & Hamilton 

Cleary Gottlieb Steen & Hamilton, 1 Liberty Place, NY 10006, New York