Educational Session

Educational Session
Corporate Restructuring – cross-border
co-operation
Reestruturação de Empresas –
Cooperaçõ Internacional
Reestructuración empresaria –
operaciones en mas de una jurisdicción
EDUCATIONAL SESSION
CURRICULUM VITAE
Thierry Bosly
White & Case
Brussels, Belgium
[email protected]
Mr. Bosly concentrates on corporate restructurings and insolvency
matters. He also has a strong banking practice, where he advises major
banks on debt restructurings, acquisition finance, project finance,
regulation of factoring, securitizations and insolvency-related matters.
Mr. Bosly has also advised many public and private companies facing
insolvency situations and companies interested in purchasing assets from insolvency debtors. He
has been called by several bankruptcy courts as an expert witness. In early 2008 he was
appointed by the new Belgian Minister of Justice to be a member of a commission of 7 experts
having the task of drafting a new law on insolvency.
Mr. Bosly was selected by Global Counsel 3000 as a “recommended” restructuring and insolvency
practitioner in Belgium, and by the 2007/08 PLC Restructuring and Insolvency Handbook as one of
Belgium’s two “leading” insolvency practitioners. The Banking section of Chambers 2007 noted
that “his main quality is his ability to find a solution acceptable for everybody.”
Mr. Bosly also frequently advises on complex cross-border merger and acquisitions transactions
and is recommended as a practitioner in this area by PLC Cross-border Mergers and Acquisitions
Handbook 2007/08. IFLR 2008 recently selected him as a “recommended” world leading lawyer in
banking and project finance. He is a member of the Belgian arbitration and mediation center
CEPANI, an independent facility composed of business leaders, academics, corporate legal
experts and lawyers.
In 2007, Mr. Bosly was appointed as a member of the European Law Alumni Advisory Board of the
Georgetown University Law Center.
Publications
"Le curateur et l’enquête pénale," in Revue de Droit Pénal et de Criminologie, 1998
"Le passif environnemental des sociétés faillies : Dette de masse ou dette dans la masse - Essai de
clarification," in Aménagement - Environnement, 1998
"L’exercice de l’action directe en cas de concordat judiciaire," in Revue Pratique des Sociétés, 1998
"Directors’ Liabilities in Case of Insolvency : Belgium Report," in Directors’ Liabilities in Case of
Insolvency, Kluwer Law International, 1999
"Belgium Restricts Creditors’ Rights," in International Financial Law Review, 1999
"La responsabilité pénale des personnes morales et le nouveau droit pénal des sociétés," in Le
Nouveau Code des Sociétés, 1999
"Préjudice collectif ou individuel: un modèle adéquat pour délimiter les pouvoirs du curateur et des
créanciers d'agir en responsabilité contre un tiers?," in R.C.J.B., 2000.
"Faillite et droit de l’environnement: une coexistence impossible?," in Revue AménagementEnvironnement, 2000
"Le Règlement du 29 mai 2000: une nouvelle ère est-elle née en matière de faillites internationales," in
J.T. 2001
"Quatre années d’application de la loi sur le concordat judiciaire, in Faillite et Concordat judiciaire: un
droit aux contours incertains et aux interférences multiples," Bruylant, 2002
"La Loi de réparation de la loi du 8 août 1997 sur les faillites: une nouvelle occasion manquée ?", in
R.D.C., 2002
"Cession du fonds de commerce et cristallisation des droits des créanciers", in La cession du fonds de
commerce, C.U.P., Larcier, 2005
"Les nouvelles règles applicables à la procédure de vérification des créances en cas de faillite", in
J.T., 2006
"La mobilité transfrontalière des sociétés en droit européen: concurrence régulatoire ou
harmonisation?", in Evolution et perspectives du droit des sociétés: Anno 2006, Bruylant, 2006
EDUCATIONAL SESSION
Thierry Bosly
White & Case
Brussels, Belgium
[email protected]
O trabalho do Sr. Bosly concentra-se em questões relacionadas a insolvências e reestruturações
corporativas. Ele possui sólida experiência na área bancária, na qual presta assessoria para
grandes bancos em casos de reestruturações de dívidas, financiamento de aquisições,
financiamento de projetos, regulação de factoring, securitizações e questões relacionadas a
insolvência.
O Sr. Bosly também prestou consultoria a muitas empresas públicas e privadas que estavam
passando por situações de insolvência e para empresas interessadas em adquirir ativos de
devedores insolventes. Já foi convidado por vários tribunais de falência para participar como
testemunha especialista. No início de 2008, ele foi nomeado pelo novo Ministro da Justiça da
Bélgica como membro de uma comissão de sete especialistas incumbidos da tarefa de redigir uma
nova lei de insolvência.
O Sr. Bosly foi selecionado pelo Global Counsel 3000 como especialista em insolvência e
reestruturação “recomendado” na Bélgica e também reconhecido, na edição de 2007/08 do
Manual de Reestruturação e Insolvência PLC, como um dos melhores especialistas em
insolvência da Bélgica. A seção bancária da Chambers 2007 observou que “sua principal
qualidade é a sua capacidade de encontrar uma solução aceitável para todas as partes.”
O Sr. Bosly costuma prestar assessoria em transações internacionais de fusões e aquisições e foi
recomendado como especialista nessa área pelo Manual de Fusões e Aquisições Internacionais
PLC, na edição de 2007/08. Recentemente, foi selecionado pela IFLR 2008 como advogado
“recomendado” com atuação e liderança mundial na área de finanças bancárias e de projetos. Ele
é membro da Câmara de Arbitragem e Mediação da Bélgica - CEPANI, instituição independente
composta por líderes de empresas, acadêmicos, especialistas em direito corporativo e advogados.
Em 2007, foi nomeado membro do European Law Alumni Advisory Board do Georgetown
University Law Center.
EDUCATIONAL SESSION
Gabriel Bresler
FTI Consulting
Boston, USA
[email protected]
Gabe Bresler is a Senior Managing Director in FTI’s Corporate Finance
practice based in Boston. Mr. Bresler specializes in providing corporate
restructuring advice and interim management services, process
improvement, and troubled company evaluation and turnarounds. With
over 20 years of corporate finance and restructuring, and strategy and
operations consulting experience. Work has been performed for a wide-range of clients in the
media, high tech and telecommunications industries, energy, distribution, and manufacturing.
Mr. Bresler has led and managed a broad array of cases for clients in formal bankruptcy
proceedings and out-of-court restructurings (both creditors and debtors), leading the efforts of
company and creditor groups. Related services have included development and review of
business plans, management of operations and network closures, valuations, competitive
benchmarking, distressed asset and business marketing and sales, renegotiation of credit facilities,
and development and implementation of cash management programs. Clients have included
Enterasys, Motorola, Lucent, Avaya, Global Crossing. Genuity, Exodus , CTC, KMC, ATX,
Xspedius, Qwest, Winstar, Reach, National Grid, and Nextel,. Mr. Bresler has also worked
overseas, especially in Latin America and the Caribbean, where he led work for some of the
region’s key companies – for example CTI and Nextel in Argentina; Embratel, BCP, Telecom
Brazil, Nextel Brazil , Bell South in Colombia, Telereunion and Iusacell in Mexico, and Tricom and
Telecable in the Dominican Republic, where as CRO he leads the Company’s restructuring.
Mr. Bresler is fluent in English, Spanish, French, Portuguese, German, and Italian.
Gabe Bresler é Diretor Administrativo Senior do trabalho de Finanças Corporativas do FTI (FTI’s
Corporate Finance) com sede em Boston. O Sr. Bresler especializou-se em prestar serviços de
assessoria em reestruturações corporativas, serviços de interim management, melhoria de
processos, avaliação de empresas em crise e recuperação de empresas. Ele possui mais de vinte
anos de experiência em consultoria em finanças e reestruturação corporativa e em estratégia e
operações. Bresler tem trabalhado para uma vasta gama de clientes na área de
telecomunicações, mídia, alta tecnologia, energia, distribuição e indústria de manufatura.
O Sr. Bresler atuou como líder e gestor de incontáveis casos de clientes em processo de falência
formal e reestruturações em juízo e fora dele (tanto credores como devedores), atuando como
líder nos esforços de empresas e de grupos de credores. Dentre outros serviços relacionados, ele
trabalhou com o desenvolvimento e a revisão de planos de negócios, gerenciamento de operações
e desmonte de redes, avaliações, benchmarking competitivo, ativos desvalorizados, vendas e
marketing empresarial, renegociação de crédito e desenvolvimento e implementação de
programas de gerenciamento de caixa. Alguns de seus clientes importantes são Enterasys,
Motorola, Lucent, Avaya, Global Crossing. Genuity, Exodus, CTC, KMC, ATX, Xspedius, Qwest,
Winstar, Reach, National Grid e Nextel.
O Sr. Bresler também trabalhou no exterior,
especialmente na América Latina e no Caribe, onde liderou trabalhos para empresas de peso na
região, como por exemplo, a CTI e a Nextel, na Argentina; Embratel, BCP, Telecom Brasil, Nextel
Brasil, Bell South na Colômbia, Telereunion e Iusacell no México, e Tricom e Telecable na
República Dominicana, onde lidera uma reestruturação da empresa como CRO.
Mr. Bresler domina com fluência os seguintes idiomas: inglês, espanhol, francês, português,
alemão e italiano.
EDUCATIONAL SESSION
Carmen Corrales
Cleary Gottlieb Steen & Hamilton LLP
New York, USA
[email protected]
Carmen Amalia Corrales is a partner based in the New York office.
Ms. Corrales’ practice focuses on corporate and sovereign transactions,
including securities offerings by sovereign and corporate issuers and
sovereign debt restructuring. Ms. Corrales has extensive experience in
international finance transactions, including representing public and private
issuers and underwriters in equity and debt offerings in international markets and in the legal
structuring and documentation of derivative transactions and complex commercial bank lending
transactions. Ms. Corrales is distinguished by Chambers Global Guide to the World’s Leading
Lawyers for Latin American corporate and finance, Chambers USA America’s Leading Lawyers for
Business for Latin American investment and Chambers Latin America’s Leading Lawyers for
Business for capital markets and corporate/M&A.
Ms. Corrales joined the firm in 1990 and became a partner in 1998. She received a J.D. degree
from Harvard Law School and an undergraduate degree from the University of Pennsylvania.
Carmen Amalia Corrales é sócia do escritório de Nova York.
Sua prática é especializada em operações de mercado de capitais internacionais, representando
tanto emissores públicos e privados como “underwriters”, em emissões de capital ou de dívida.
Carmen também tem grande experiência na representação de instituições financeiras norteamericanas e estrangeiras com relação às leis de valores mobiliários norte-americanas e
potenciais aquisições, na estruturação legal e documentação de “joint ventures” envolvendo
companhias norte-americanas e estrangeiras e na documentação de transações com derivativos.
Sra. Corrales e reconhecida pelo Guia Global do Chambers: Melhores Advogados no Mundo
(Chambers Global Guide to the World's Leading Lawyers) na area corporativa e financeira voltada
a America Latina, pelo Chambers dos Estados Unidos: Melhores Advogados em Negocios nos
Estados Unidos (Chambers USA America's Leading Lawyers for Business) na area de
investimentos latino-americanos e pelo Chambers da America Latina: Melhores Advogados em
Negocios (Chambers Latin America's Leading Lawyers for Business) na area corporativa, de
mercado de capitais e fusoes e aquisicoes.
Carmen passou a integrar o escritório em 1990 e tornou-se sócia em 1998. Carmen graduou-se
na University of Pennsylvania e tornou-se bacharel em direito pela Faculdade de Direito da
Harvard University.
Carmen Amalia Corrales es una socia con base en la oficina de Nueva York.
La práctica de la Dra. Corrales está enfocada principalmente en operaciones de estados
soberanos, incluyendo la oferta de títulos por emisores soberanos y la reestructuración de deuda
soberana. La Dra. Corrales tiene además amplia experiencia en operaciones financieras
internacionales, incluyendo la representación de emisores y underwriters públicos y privados en
ofertas de capital y de deuda en mercados internacionales, y en la estructuración legal y
decumentación de operaciones con derivados y préstamos complejos por bancos comerciales. La
Sra. Corrales ha sido distinguida por la guía Chambers Global de Abogados Líderes en el Mundo
en asuntos corporativos y financieros en Latinoamérica, Chambers USA de Abogados Líderes en
América en Negocios de inversión en Latinoamérica y Chambers Latin America de Abogados
Líderes en Negocios de mercados de capitales y corporativos/M&A.
La Dra. Corrales ingresó al Estudio en 1990 y fue nombrada socia en 1998. Recibió el título de
J.D. de la Escuela de Derecho de la Universidad de Harvard y su título de grado de la Universidad
de Pennsylvania.
EDUCATIONAL SESSION
Luiz Galeazzi
Galeazzi & Associates
São Paulo, Brazil
[email protected]
Luiz Galeazzi is a Managing Director in Galeazzi and has over 8 years of
project leadership experience in high-value management consulting
(performance improvement / restructuring / stress situations). Luiz has
lead restructuring projects of several companies in Brazil, some with
international branches, where he has performed the interface between the
local Brazilian branches and foreign. Luiz has participated in restructuring and performance
improvement projects such as CaboVisão (Telco, Internet, Cable in Portugal), CEMAR (Electrical
Company), CELESC (Electrical); Lider Aimentos (Dairy Industry), TMT (automotive) and Icatu
Hartford (Insurance), and also in distribution (logistics), industrial, commercial, automotive,
construction, telecommunications and financial companies.
He specializes in crisis management and strategic operating plans. As an executive, he has
experience in administration, finance, M&A, PMI, restructuring and procurement. He helped
analyze investments, due diligences and business models in manufacturing, telecom, retail,
financial and agricultural industries. Luiz has also lead judicial and extra-judicial recoveries
covered by the new and old Brazilian bankruptcy law. Luiz has a vast international working
experience and is fluent in Portugues and English with ability to communicate in Spanish. Prior to
joining G & A Luiz served as CEO of Agro Business Company from 1996 to 2000 where he is still a
board member. Luiz is also a consulting board member of the BRP Bank in Sao Paulo. Luiz holds a
Bachelor Degree and MBA (in conclusion) in Business Administration from Fundação Getulio
Vargas (FGV) in Sao Paulo.
Luiz Galeazzi é Diretor Executivo da Galeazzi & Associados, onde trabalha desde 2001,
conduzindo projetos de reestruturação e melhoria de performance nos segmentos de transporte,
previdência e seguros, varejo, serviços, industria automotiva, industria de alimentos, agrícolas e
telecomunicação.
Especialista em gestão de crises e planejamento estratégico operacional, acumula experiência
como executivo nas áreas administrativa, financeira, e de suprimentos. Participou na análise de
investimento de estudos e modelos de projetos em diversos setores, tais como industrial, Telecom,
varejo, financeiro, e agrícola. Participou de processos de Recuperação Judicial e Extra-Judicial
dentro da nova lei de falências.
Administrador de empresas pela Fundação Getúlio Vargas com MBA também pela FGV.
EDUCATIONAL SESSION
E. Daniel Truffat
NTMDALL Abogados
Buenos Aires, Argentina
[email protected]
Born in Buenos Aires, Argentina, on March 14, 1960
Lawyer (Universidad Nacional de Buenos Aires, 1984), graduated cum
laude –average: 9,49Doctor of Law (Universidad Nacional de Córdoba, 2006)
Head court clerk at a Nacional Comercial Court elected by competitive
selection process (1995).Chief of Staff of advisors for the Department of Legislative Affairs in
National Ministry of Justice (1997).
In 1995 founded, together with Gustavo Naveira, the firm “Naveira & Truffat”. At present he is a
partner of “Naveira, Truffat, Martínez, Anido, Lorente & Lopez, which has been selected by
specialized magazines as one of Argentina’s leading bankruptcy firms.
Postgraduate Professor of Bankruptcy at Universidad Nacional de Buenos Aires and Universidad
Católica Argentina. Guest profesor at over twenty national universities.
Member of the Professor Council of the leading publications in comercial matters (Doctrina
Societaria y Concursal; Revista del Derecho Comercial y de las Obligaciones; Foro de Córdoba,
Jurisconcursal).
Member of different institutes of commercial or arbitration matters: Asociación de Abogados de
Buenos Aires, Instituto Argentino de Derecho Concursal, Instituto de la Empresa (Academia
Nacional de Derecho de Córdoba), Instituto Iberoamericano de Derecho Concursal, INSOL, The
Chartered Institute of Arbitrators (London).
Director of the Instituto Argentino de Derecho Concursal and academic director of the Fundación
para la Investigación del Derecho Concursal y la Empresa en crisis, “Pablo van Nieuwenhove”
(Tucumán); Deputy director of the Instituto Iberoamericano de Derecho Concursal.
Lecturer in over one hundred lectures on bankruptcy and corporate issues.
Participant in seventeen national and international congresses, and author of over one hundred
papers.
Author of over two hundred and fifty articles about bankruptcy and corporate topics.
Co-author of several books and exclusive author of: “La conversión de quiebra en concurso
preventivo” (1995 y 2002 -1st y 2nd version-), “Procedimientos de admisión al pasivo
concursal”(2000), “El nuevo acuerdo preventivo extrajudicial” (2002 y 2005 -1st y 2nd version) and
“”Fuero de atracción en los concursos” (2007).
EDUCATIONAL SESSION
E. Daniel Truffat
NTMDALL Abogados
Buenos Aires, Argentina
[email protected]
Nacido en Buenos Aires, República Argentina, el 14 de marzo de 1960
Abogado (Universidad Nacional de Buenos Aires, 1984), recibido con diploma de honor –
promedio: 9,49Doctor en Derecho y Ciencias Sociales (Universidad Nacional de Córdoba, 2006)
Fue Secretario de un Juzgado Nacional en lo Comercial (1995), por concurso de oposición. Fue
jefe de gabinete de asesores en la Secretaria de Asuntos Legislativos del Ministerio de Justicia de
la Nación (1997).
Fundo junto con Gustavo Naveira, en 1995, el Estudio “Naveira y Truffat”. Hoy es socio de
“Naveira, Truffat, Martínez, Anido, Lorente & Lopez” (seleccionado por revistas especializadas
como uno de los estudios de concursos mas importantes del país).
Profesor de prosgrado en concursos en la Universidad Nacional de Buenos Aires y en la
Universidad Católica Argentina. Ha sido profesor viajero o profesor invitado en mas de veinte otros
universidades argentinas.
Miembro del Consejo de Redacción de las principales revistas especializadas en temas
mercantiles (Doctrina Societaria y Concursal; Revista del Derecho Comercial y de las
Obligaciones; Foro de Córdoba, Jurisconcursal).
Es, o fue, miembro de diversos Institutos de la especialidad y de temas arbitrales: Asociación de
Abogados de Buenos Aires, Instituto Argentino de Derecho Concursal, Instituto de la Empresa
(Academia Nacional de Derecho de Córdoba), Instituto Iberoamericano de Derecho Concursal,
INSOL, The Chartered Institute of Arbitrators (Londres).
Director del Instituto Argentino de Derecho Concursal y Director Académico de la Fundación para
la Investigación del Derecho Concursal y la Empresa en crisis, “Pablo van Nieuwenhove”
(Tucumán); Director Suplente del Instituto Iberoamericano de Derecho Concursal.
Ha dado mas de cien conferencias sobre temas concursales y societarios.
Ha participado en diecisiete congresos, nacionales e internacionales y presentado mas de cien
ponencias y comunicaciones.
Autor de mas doscientos cincuenta artículos sobre temas concursales y societarios.
Ha participado en varios libros en colaboración y es autor en exclusiva de los siguientes libros: “La
conversión de quiebra en concurso preventivo” (1995 y 2002 -1era y 2da versión-),
“Procedimientos de admisión al pasivo concursal”(2000), “El nuevo acuerdo preventivo
extrajudicial” (2002 y 2005 -1era y 2da versión) y “”Fuero de atracción en los concursos” (2007)
The following additional papers can be found on the INSOL
International web site at www.insol.org
International Financing article: APE: An Argentine Tale – English
CROSS-BORDER BANKRUPTCY DEVELOPMENTS: THE
MOVEMENT TOWARDS UNIVERSALITY IN THE UNITED
STATES By Francisco Vazquez - English
ARTICLE: ENFORCING PREPACKAGED RESTRUCTURINGS
OF FOREIGN DEBTORS UNDER THE U.S. BANKRUPTCY
CODE By Kurt A. Mayr - English
Corporacion Durango - English
In re: BOARD OF DIRECTORS OF MULTICANAL S.A.,
Debtor in Foreign Proceeding - English
Courts in Brazil and abroad can help OCRA to Ripen by Luiz
Claudio Galeazzi - English
INSOL International
Rio de Janeiro, Brazil: April 2, 2009
Corporate Restructuring: Cross-Border
Cooperation
• Gabe Bresler, FTI Consulting (Chair)
• Carmen A. Corrales, Cleary Gottlieb
• Thierry Bosley, White & Case
• Daniel Truffat, NTMDALL
• Luiz Galeazzi, Galeazzi
Introduction
•
Framework for discussion
•
Legal concepts:
a) Concurrent Proceedings (e.g,.
Durango, Independencia)
b) Ch. 15 US Bankruptcy Code (e.g.,
Multicanal)
c) Ch. 11 US Bankruptcy Code (e.g.,
Avianca, Tricom)
Durango – Related court
proceedings in Mexico and USA
• Mexican paper company filed for “Concurso
Mercantil (LCM)” in Mexico on Oct. 6, 2008.
• Company also filed NYC proceedings
– Holding company filed Chapter 15 proceeding to
get Concurso recognized in the US (also Oct. 6)
– Two U.S. operating companies filed Chapter 11
separately
• Company filed Chapter 15 as it feared USbased bondholders would seek to seize its
US-based assets
1
Durango –Issue #1: Recognition
of Main Procedure
• Should Main Procedure be recognized in another
jurisdiction before formally approved in its home
country?
– Mexican law mandates the designation of a courtappointed auditor to determine if company is insolvent
and eligible for LCM protection
– US Creditors objected to the motion seeking a
temporary restraining order [Chapter 15] saying
company was asking for “too much, too soon, on too
few facts”
• US Court decided to recognize Mexican
bankruptcy as the primary proceeding even
before it was approved in Mexico
Durango – Issue #2: Courtappointed administrator standards
• Disinterest test for examiners and trustees
– IFECOM named a person who had previously
been an independent Director of the company
as “auditor”
– US Creditor counsel questioned the
IFECOM’s judgment because of the apparent
lack of objectivity of the auditor: appearance
of conflict of interest.
– Mexican Court accepted/approved the
IFECOM designation
– US judge said that IFECOM “takes its job
seriously” thus supporting Mexican procedure
Durango – Issue #3: Intercompany Debt
• Substantive consolidation:
– Under Mexican bankruptcy law, substantive
consolidation of the assets and liabilities of a
corporate group is hard to achieve.
• The challenge: Company has $410m. in third-party
notes and approx $1 billion in inter-company debt
which would then be considered in the same class
– In a typical US procedure the inter-company
debt would likely be eliminated through
substantive consolidation
2
Durango – Issue # 4: Debt
acquired/held by related parties
• How does Inter-company debt rank?
– A person related to the Company’s CFO
allegedly authorized (via a third party entity)
the purchase of $ 100m face of the
Company’s Notes soon after the Durango filed
for bankruptcy
– Company counsel commented that the US
Note holder group may be seeking the
cancellation of bonds acquired by entities
related to the company’s controlling
shareholder group
Multicanal
• Background
• Transition from § 304 to Ch.15 of US
Bankruptcy Code:
(A) § 304 test: (i) just treatment, (ii) no prejudice,
(iii) no preferential treatment or fraud, (iv)
distribution of proceeds substantially in
accordance with US law, (v) comity, and (vi)
opportunity for fresh
(B) Ch. 15: automatic recognition if (i) foreign
main or non-main proceeding, and (ii) not
manifestly contrary to public policy.
Multicanal
• Comity
• Cross-border insolvency vis-à-vis Securities
Laws: issue of new securities and registration
requirements
• Strategy: foreign plenary proceedings plus US
ancillary proceedings vs. US plenary
proceedings (§ 109 Bankruptcy Code) vs.
concurrent foreign and US plenary proceedings
3
Discussion
• Panel Thoughts and Comments
• Questions and Answers
4