LatinLawyer magazine has named the financial restructuring of PdVSA's Orinoco oil project as the restructuring "Deal of the Year." The transaction included four joint ventures to finance extra-heavy crude oil projects in Venezuela's Orinoco belt. One of them was the workout and repayment in full of defaulted term loans owed by Mobil Cerro Negro Ltd. and PdVSA Cerro Negro S.A. to a syndicate of bank lenders. Hughes Hubbard attorneys Richard Stern, Patrick Gartland and Gabrielle Glemann represented ABN AMRO Bank N.V. as the administrative agent for the bank lenders.
LatinLawyer will honor its "Deal of the Year" winners at a dinner in Sao Paulo on March 5. "Given the climates in the financial sector and Venezuela, it is commendable that all the financing agreements have been successfully renegotiated or repaid in one form or another," LatinLawyer observed.
Mr. Stern will be speaking about financial restructurings at Hughes Hubbard's 3rd annual seminar, "New Prospects for Latin America," to be held on Thursday, March 26, at the Biltmore Hotel in Coral Gables, Florida.
To register for our seminar or for more information, click on the banner below or contact Eduardo Vidal in our New York office.
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