In August 2021, Raízen S.A. (one of the largest integrated energy companies in Brazil) merged with Biosev S.A. and Biosev Bioenergia S.A (sugar, ethanol and biomass producing businesses previously owned by the Louis Dreyfus group). Shortly prior to the completion of that merger, the agreement for which was signed in February 2021, Raízen completed one of the biggest initial public offerings in Brazil ever.
The Colombian airline Aerovias Nacionales de Colombia S.A. – Avianca (“Avianca”) has made a habit of accessing the structured credit markets by monetizing its expected stream of credit card receivables, filing for U.S. Chapter 11 protection when in distress, and then challenging the structured credit agreements to which it had committed. Recently, Avianca reached a settlement with the lenders to its existing future flow receivables transaction, entered into in December 2017, which will result in a restructured loan facility.
In a pair of private exchange offers consummated in May 2020, airport operating companies owned by Corporacin Amrica Airports S.A. (NYSE: CAAP) in Argentina and Uruguay were able to restructure their existing debt securities in order to withstand the substantial revenue declines associated with the drop-off in air travel as a result of the coronavirus pandemic ("COVID-19").
- Introduction
On 7 September 2014, Royal Decree Act 11/2014 on urgent measures in insolvency matters (“RD 11/2014”) came into force, introducing important changes in the Spanish Insolvency Act (“SIA”), especially regarding incourt proceedings, whether within a composition or a liquidation stage. This piece of legislation followed Royal Decree 4/2014 (“RD 4/2014), which introduced equivalent measures for preinsolvency restructurings.
Act 26/2013, passed on 27 December 2013 and published in the Official Journal of Spain on 28 December 2013 has amended the provisions of the Spanish Insolvency Act (the “SIA”) related to out-of-court restructuring. In particular Act 26/2013 modifies the 4th Additional Disposition of the SIA which allows to, upon certain circumstances, force extensions to dissident financial creditors in Spanish restructurings through the intervention of a Court (hereinafter, the “Court Homologation”).