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3rd Annual GRR Live New York

Law Business Research

Description

When: Thursday, 10 October 2019

Where: Cleary Gottlieb Steen & Hamilton, 1 Liberty Place, NY 10006, 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.

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

Details

Date
10 October 2019
Location
New York, USA