Cleary Gottlieb Steen & Hamilton is a market leader in distressed financings, refinancings and restructurings, most notably in Brazil and Mexico, where it has a significant market share of the major engagements. The firm has also led the way in Chile and is increasingly active in Peru. Building on its expertise in restructurings, it is now at the forefront of private credit financings in Latin America. It also has a presence in high-value syndicated loans for large Latin American corporates and continues to make a further impression in sustainability-linked financings. The Brazil office continued to work on numerous large-scale restructurings and distressed financings during in the jurisdiction during 2023; a case in point being its advice to Samarco Mineração on its continued debt restructuring and its pre-petition, pre-export, finance facilities. ‘Rainmaker’ Richard Cooper is a leading practitioner in debt restructurings and new money financings in Latin America, while Sao Paulo’s Francisco Cestero is 'extremely friendly, smart and has a unique understanding of the Brazilian market and culture', and is noted for distressed financings, private credit financings and restructurings. Adam Brenneman is also noted for special situations financings and liability management exercises. Carina Wallance is a key figure at counsel level, while David Botter joined from Akin in 2023 to reinforce the firm’s restructuring expertise. All named individuals are based in New York unless stated otherwise.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
‘The quality of the professionals, the speed of service and, in particular, the good relationship with the other professionals involved, including the opposing party. ’
‘It is a team with high intellectual preparation and good professional practice, which generates credibility. In addition, the team has a high response capacity in record time, which makes the difference with other law firms. They have offered training to our organisation on contemporary topics in banking practice such as sustainable financing and sustainability-linked debt.'
‘Adam Brenneman is a partner who generates a lot of trust, he is practical when offering solutions, with high experience, innovation and versatility. Additionally, he is a very honest lawyer when it comes to fees, he is a very fair person in his billing.'
‘Francisco Cestero is an outstanding foreign lawyer in Brazil. He knows the most crucial, recent and relevant issues of the case for discussing with the client. He is well developed into advising clients in times of crisis in Brazil. And as an exceptional point, he speaks the language.’
‘Cleary’s banking and finance team is extremely qualified, creative, intelligent, sharp, and collaborative. They have unique knowledge of the Latin American market and expertise in highly complex cross-border and finance transactions. Having worked with them in one of the most relevant restructurings in Brazil recently, was a truly positive learning experience.’
‘Francisco (Paco) Cestero is a reference for international restructuring and corporate transactions in Brazil for several good reasons. His work is exceptional, highly qualified, and his way of conducting cases is a perfect demonstration of his competence and that of his team. He is ready and qualified to handle any complexity at any time. Natalia Rezai is extremely competent, intelligent, and skillful. She has great knowledge of the Latin American market and is always ready to assist. ’
‘The team is business friendly, multidisciplinary and has a unique understanding of the Brazilian market and culture among the international firms located in Sao Paulo’
‘Richard Cooper is a rainmaker and is unique in understanding the client's business. Francisco (Paco) Cestero is extremely friendly, smart and has a unique understanding of the Brazilian market and culture.’
Key clients
- An ad hoc group of Ocyan’s bondholders
- Ad hoc group of Azul bondholders
- Ad hoc Committee of ILAP Bondholders
- Bank of America Corp.
- BNP Paribas
- CFE
- HSBC
- Citigroup
- Mizuho Bank
- BNP Paribas
- BBVA México
- Banco Santander México
- Grupo IDESA
- LATAM Airlines Group
- Pemex and PMI
- Samarco
- Seacrest Petróleo Bermuda
Work highlights
- Advised Samarco Mineração on its continued debt restructuring and its pre-petition pre-export finance facilities.
- Continued to advise LATAM Airlines Group in remaining matters relating to its restructuring.
- Advised Petróleos Mexicanos (Pemex) on an $8.3bn refinancing of its existing bank debt.
Lawyers
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Adam Brenneman
Cleary Gottlieb Steen & HamiltonFrancisco Cestero
Cleary Gottlieb Steen & Hamilton