Viernes 3 de Febrero 2023
In In
Law firms advised Pacific Exploration & Production Corporation on its $5.5 billion. (Photo: Pacific E & P)
Carlos Martinez and David Fenwick, Proskauer; Graham Collis, Conyers and Soledad O’Donnell and Paulo Rage, Mayer Brown. (Latinvex collage)
Monday, November 21, 2016
Legal Briefs

Proskauer, Conyers Advise Pacific Restructuring

Mayer Brown promotes Latin America-focused attorneys to partners.


Proskauer and Conyers Dill & Pearman advised Pacific Exploration & Production Corporation on its restructuring, while Mayer Brown promotes two Latin America focused attorneys to partners.


Proskauer represented Pacific Exploration & Production Corporation, the Canadian oil and gas company with principal operations in Latin America, in the restructuring of $5.5 billion of financial indebtedness and other commercial liabilities. The transaction was the largest restructuring in Colombian history, and involved bankruptcy proceedings in Colombia, Canada and the United States.

The restructuring process involved months of negotiations with the company’s bondholders, bank lenders and commercial creditors to arrive at a restructuring plan, and included a bidding process to select a plan sponsor. The approved plan was comprised principally of the extinguishment of $5.3 billion of financial indebtedness and nearly $200 million in other commercial liabilities and contingencies for a 58% stake in the company, a capital infusion of $240 million by plan sponsor Catalyst Group, a $240 million new money financing, a $112 million letter of credit facility, debtor-in-possession financing of $500 million, and the sale of certain oil and gas assets and interests in Brazil, Colombia, Peru and Guatemala.

The successfully implemented plan of compromise and arrangement pursuant to the Companies' Creditors Arrangement Act (Canada) in connection with the comprehensive restructuring transaction went into effect beginning November 2, 2016.

With the transaction taking approximately a year and a half, Proskauer acted as U.S. counsel for the company, providing advice on every aspect of the restructuring process and drafting, commenting and/or negotiating all key documentation.

The Proskauer team was led by partners Carlos Martinez, David Fenwick and Andrew Bettwy on the corporate and finance aspects of the matter, while Martin Bienenstock, Timothy Karcher and retired partner Judy Liu led on bankruptcy and restructuring matters. Other attorneys who assisted on this matter were partners Antonio Piccirillo and Fabio Yamada and associates Maria Jimena Londoño and Alexandre Leite (Latin America/Corporate); associates Daniel Desatnik, Chris Theodoridis, Maja Zerjal and Jared Zajac (Bankruptcy and Reorganization); partners Julie Allen and Philippa Bond, and associates Charles Lee, Louis Rambo and James Ross (Capital Markets); partner Ali Fawaz (Executive Compensation and Employee Benefits); partners Charles Dropkin, Steve Weise and Frank Zarb (Finance); partner Christopher Wells (Hedge Funds); partners Robert Cleary, Margaret Dale, Andrea Rattner and Matthew Triggs, and associate Brittany Benavidez (Litigation); partners Richard Corn, Martin Hamilton, Michael Fernhoff, and associates Martine Agatston and Gary Silber (Tax); associates Andrew Eiger and William Majeski (Corporate); paralegals Allen Healy, Magali Giddens, Javier Santiago and Evelyn Rodriguez; managing clerks David Cooper and Anthony Lopez; and project assistants Ryan Hurley and Blake Schmidt.

Meanwhile, Conyers Dill & Pearman advised Pacific Exploration & Production Corporation on the Bermuda aspects of its restructuring.

Graham Collis and Angela Atherden from the Bermuda office of Conyers Dill & Pearman worked on the matter.


Mayer Brown senior associate Soledad O’Donnell has been promoted to partner, effectively January 2017.

Chicago-based O’Donnell works in Mayer Brown’s Litigation & Dispute Resolution practice and a member of the International Arbitration and Global Energy groups, focusing primarily on international arbitration disputes in Latin America.

She frequently advises clients on a wide range of arbitration and litigation matters, including energy-related contractual and commercial issues. Ms. O’Donnell served as a law clerk for the Honorable Richard C. Tallman, United States Court of Appeals for the Ninth Circuit. She is also a Center for Conflict Resolution Certified Mediator and a native Spanish speaker.

Mayer Brown special counsel Paulo Rage has been promoted to partner, effectively January 2017.

Rage works at the Rio de Janeiro office of Tauil & Chequer Advogados in association with Mayer Brown.

He is qualified to practice in Brazil and Portugal and is fluent in English, Portuguese, Spanish and French. In addition to his Brazilian corporate practice.

Rage has significant experience in planning and structuring in tax, corporate, regulatory and labor matters, particularly related to Mozambique law. He also advises clients in complex cross-border projects involving the following sectors: infrastructure, construction & engineering, energy and oil & gas, mining, heavy industries and agriculture.


© Copyright Latinvex



More Legal Briefs

More Legal Coverage

Index of Law Firm Coverage





  Other articles in : Legal Briefs
Back to Legal Briefs