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Latin America

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Carolina A. Fornos
Partner, New York
T: +1.212.858.1558
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Pillsbury has received multiple Latin Lawyer “Deal of the Year” awards recognizing the firm’s innovative work for clients across industries and regions throughout Latin America.

Pillsbury has a strong and wide-ranging Latin America practice built on decades of representing Latin American clients and those doing business in Latin America. Our Latin America practice lawyers have vast experience in the region, maintain valuable, effective relationships with local counsel and government officials and are fluent in Spanish and Portuguese. Our long and significant history helping companies do business in Latin America includes extensive work in Argentina, Brazil, Mexico and other countries in Central and South America. Over time, we have gained a deep understanding of the legal systems and business customs of Latin American countries, enabling us to tailor services to meet the unique requirements of each project and client.

Unlike many of our competitors that are focused exclusively on securities transactions, Pillsbury’s Latin America practice team possesses wide-ranging experience that includes capital markets, mergers and acquisitions, infrastructure and energy projects and spans aviation, project finance, venture capital/startups, litigation, crisis management, private wealth management, internal and government investigations, restructuring/insolvency and international trade work. This diversification positions us exceedingly well to drive revenue across industries.

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Our key infrastructure work includes advising clients on transportation and manufacturing facilities, including the $5.3 billion financing of The Lima Metro Line 2 project for Deutsche Bank. On the energy side, we do a significant amount of work in the renewables space in addition to handling more traditional oil and gas transactions. Further, our services include:

  • Corporate and finance transactions
  • Venture capital, private equity and emerging companies matters
  • International trade and Foreign Corrupt Practices Act (FCPA) compliance
  • Project finance: energy, infrastructure and real estate aviation finance
  • Insurance coverage
  • Global sourcing
  • Securities transactions
  • Insolvency and restructuring
  • Cross-border litigation
  • International arbitration and dispute resolution
  • Privatization

Representative Experience

  • Advised Adecoagro S.A. (NYSE: AGRO) in its public secondary offering of 12 million common shares in 2016’s first equity capital markets transaction out of Latin America and by an Argentine company. Raised $140 million.
  • Advised NuBank, described as Brazil’s “hottest startup,” in a partnership with Goldman Sachs Group Inc. to establish two new credit lines worth a combined total of $53 million.

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  • Mergers & Acquisitions
    • Represented an international telecommunications company in a $973 million acquisition of an interest in a Mexican mobile phone operator.
    • Represented insurance companies such as ING and Lincoln National in major acquisitions and joint ventures involving Mexican insurance companies.
    • Worked on the formation of joint ventures to conduct manufacturing, agriculture, wine export and satellite telecommunications businesses in Latin America.
    • Represented a large U.S. energy company in connection with the sale of its assets in Latin America to several outside buyers.
    • Represented a leading international chemicals and explosives company with respect to a proposed acquisition of a Mexican mining company.
    • Represented ONGC Videsh Limited with respect to the acquisition of oil reserves and facilities in Colombia.
    • Represented Conexant in its approximately $200 million sale of its Mexican maquiladora operations.
    • Represented AGI Global Holdings Cooperatief U.A., through its subsidiary, in acquisition of the packaging entities comprising Shorewood Packaging from International Paper Company, including joint venture interests in Shorewood de Mexico.
    • Represented Sumitomo Corp. of America with respect to the buy-out of a joint venture partner in an auto parts manufacturing business in Mexico.
    • Represented Cosmetic Essence Inc., a subsidiary of Onex Corp., with respect to a proposed acquisition of a Mexican cosmetics manufacturer.
    • Represented Itochu Enex Co. Ltd. with respect to the sale of a Mexican consumer products assembly facility.
    • Represented Nexxar Group Inc. with respect to the acquisition of two Mexican money transfer companies.
    • Represented Mexico Power Group in its acquisition of Mexico-related project companies from Cannon Power Group.
    • Represented NorthgateArinso, a portfolio company of KKR and the world’s leading HR software and services provider, in its $100 million acquisition of the HR management division from Convergys.
    • Represented StarMedia Network Inc. in several internet company acquisitions in Rio de Janeiro, Brazil.
    • Represented a U.S. company in the purchase of Thomas De La Rue’s Brazilian subsidiary.
    • Represented The DIRECTV Group Inc. in negotiating and drafting employee benefit representations, warranties and covenants in its $400 million asset-purchase agreement of manufacturing assets, and $360 million venture formation agreement.
    • Represented Reliant Energy in its divestiture of its holdings in Light Serviços de Electricidade, a major electric distribution company in the state of Rio de Janeiro, Brazil.
    • Represented Entravision Communications Corp. in the acquisition of a chain of Mexican television stations.
    • Represented Kyosha America Corp. with respect to a sale of industrial equipment and real property in Mexico.
    • Represented Horizon Wind Energy in the sale of its interests in the 24-megawatt Tierras Morenas wind project and Guayabo and Mogote development wind projects in Costa Rica.
    • Represented Pride International Inc. in its buyout of direct and indirect interests of its Brazilian joint venture partner in two semi-submersible drilling rigs chartered to Petrobras to work offshore Brazil.
    • Represented Scudder Latin America Power in its acquisition of Empress Electric Puyehue, S.A., a hydroelectric plant in Chile.
    • Represented Mexican/American joint venture company Grupo Acerero del Norte S.A. de C.V. in the acquisition of Altos Hornos de Mexico pursuant to Mexico’s privatization of the steel industry.
    • Represented Grupo Acerero del Norte S.A. de C.V. in the acquisition of Minera Carbonífera de Río Escondido, Mexico’s largest coal mining company.
    • Advised two Brazilian banks, Banco Bradesco and União de Bancos Brasileiros S/A (Unibanco) in connection with a series of agreements with the Portugal Telecom (PT) Group.
    • Assisted Alberta Ltd. in its purchase of distressed property in Mexico, involving complicated problem with U.S. financing, U.S. owner, Canadian purchaser with all legal rights operating through a Mexican fideicomiso.
    • Represented a large Japanese trading company with respect to its efforts to acquire an interest in a phosphate mining project in Peru and enter into a related off-take agreement.
    • Advised a Mexican telecommunications company in matters relating to its acquisition of an interest in a Caribbean telecommunications company.
    • Represented Pride International Inc. in its acquisition and financing of an ultra-deepwater offshore drilling rig chartered to Petrobras offshore Brazil from a Dutch vessel management company.
    • Represented U.S. investors in the development and acquisition of beachfront residential property in Mexico.
    • Represented Guy F. Atkinson & Co. in the sale of Bombas Bingham (a Mexican subsidiary).
  • Joint Ventures
    • Represented an international oil company in the negotiation and formation of a joint venture with a large ethanol producer and distributor in Brazil.
    • Represented a Brazilian electric power company in the negotiation and formation of a joint venture with a U.S. wind power company in the United States.
    • Represented a Brazilian institutional investor in the formation of a joint venture with U.S. and Italian investors for the exploration of energy-tobacco in Brazil.
    • Advised on joint venture formation with Proxima S.A. de C.V., a Mexican private investment group, for development of natural gas pipelines in Mexico.
    • Represented Shell Brasil in a joint venture with Cosan S.A., a large ethanol producer, to form one of the largest ethanol and fuel distributors worldwide.
    • Represented BHP Minerals Exploration International in joint venture negotiations and acquisition of stock in Argentine company that owned gold and copper mining concessions in Catamarca.
    • Represented Sumitomo Corp. of America in establishing a Mexican joint venture for circuit board manufacturing operations in Mexico and obtaining a local maquiladora (IMMEX) permit for the joint venture entity.
    • Represented U.S. telecommunications company in joint venture formation with Guatemalan investors for organization and operation of a second telephone carrier in Guatemala to carry data and voice traffic domestically and internationally.
  • Capital Markets
    • Represented Pro Capital S.A. as underwriter for the offering of guaranteed notes by Argentina-based Grupo ASSA and its affiliates.
    • Represented the initial purchasers in connection with the offering by Odebrecht Finance Ltd. of its senior notes guaranteed by Construtora Norberto Odebrecht S.A.
    • Represented Chile Mining Technologies in its U.S. public offering.
    • Advised Sociedad Minera Licancabur, S.A. in its going public transaction in the U.S. and assisted the new public entity, Chile Mining Technologies Inc. (OTCBB: LVEN) in raising $5.8 million.
    • Represented BLADEX in its historic debut in the U.S. capital markets, as the first Latin American bank to launch an SEC-registered public offering and NYSE listing of its capital stock.
    • Represented Grupo Sidek, S.A. de C.V. in a cross-border Rule 144A/Regulation S offering involving the securitization of mortgages on property located in Mexico, the Dominican Republic and Costa Rica.
    • Represented Banco Continental S.A.E.C. in connection with the issuance of its $200 million senior notes pursuant to Rule 144A and Regulation S.
    • Represented the Brazilian subsidiary of a leading Portuguese investment bank in the registration of a Medium-Term Note program with a European stock exchange.
    • Represented a financial institution in El Salvador in connection with its international offering of high-yield bonds for the acquisition of assets and other companies in Central America.
    • Represented Grupo Sidek S.A. de C.V. in cross-border, Rule 144A/Regulation S offering by special purpose company Seventh Mexican Acceptance Corp., S.A. of $200 million of Guaranteed Securitized Notes (senior/subordinated structure).
    • Represented Southern Peru Copper Corp., a major mining company, in its $947,179,128 SEC-registered secondary offering of common stock.
    • Represented Banco Mercantil del Norte S.A., Mexico’s largest non-foreign owned bank, in its first major debt offering of $300 million of senior notes in a Rule 144A/Regulation S offering.
    • Represented Banco de Reservas de la Republica Dominica, the largest bank in the Dominican Republic, in its inaugural debt offering of subordinated notes valued at US$300 million.
    • Represented Adecoagro S.A. in its public secondary offering of 12 million common shares sold by certain selling shareholders. The offering, which raised $140 million, is the first by an Argentine company in 2016.
    • Represented Adecoagro in its SEC-registered secondary offering of 13.9 million shares of Adecoagro S.A. by HBK Master Fund L.P.
    • Represented Adecoagro S.A., a large Latin American agro-industrial company, in its SEC-registered initial public offering listed on the NYSE and related reorganization.
    • Represented Cencosud S.A., a large Latin American retailer, in its SEC-registered initial public offering listed on the NYSE, high yield offerings and acquisition financing transactions.
    • Represented Grupo TMM, S.A. de C.V., a major Mexican transportation company in its $392,646,832 SEC-registered secondary offering of senior secured notes.
    • Represented Citigroup- and Merrill Lynch-led underwriters’ group regarding $160 million SEC-registered initial public offering of Common Shares and ADSs listed on NYSE and Mexican Bolsa by Desarrolladora Homex, S.A.B. de C.V.
    • Represented Desarrolladora Homex S.A.B. de C.V. in its $200 million SEC-registered secondary offering of common shares.
    • Represented Desarrolladora Homex S.A.B. de C.V., a major home developer in its second major high-yield debt offering of $250 million of 9.50 percent senior guaranteed notes in a Rule 144A/Regulation S offering.
    • Represented Banco Mercantil del Norte, Mexico’s largest non-foreign-owned bank, in its $600 million Rule 144A/Regulation S offering of Tier I and II capital securities in international capital markets—largest-ever Mexican bank capital securities offering.
    • Represented the underwriters in a $400 million Rule 144A/Regulation S offering of notes and tender offer for outstanding notes for Grupo Televisa S.A.B de C.V., a major Mexican entertainment company.
    • Represented Grupo Papelero Scribe S.A. de C.V., a major Mexican paper manufacturer, in its offering of $300 million aggregate principal amount of 8.875% Notes in a Rule 144A/Regulation S offering.
    • Represented Consorcio ARA, S.A. de C.V., a large Mexican builder, in its $230 million Rule 144A/Regulation S secondary stock offering.
    • Represented retailer Grupo Famsa S.A. de C.V. in its first major high-yield debt offering of $200 million aggregate principal amount of 11.00 percent senior guaranteed notes in a Rule 144A/ Regulation S offering.
    • Represented Minera Mexico S.A. de C.V., a major Mexican Mining Company, in its $600 million SEC registered exchange offer of notes.
    • Represented Vitro S.A.B. de C.V., a major Mexican glass manufacturer, in its $1 billion high-yield Rule 144A/Regulation S offering of notes.
    • Represented Citi and Credit Suisse, as joint bookrunners and joint lead managers, in Grupo KUO’s issuance of $200 million of 9.75 percent senior notes in a Rule 144A/Regulation S offering.
    • Represented Grupo Famsa S.A. de C.V., Mexican furniture and household goods retailer in its US$230 million IPO on Mexican Stock Exchange and outside of Mexico in Rule 144A/Regulation S tranche.
    • Represented the Government of Bermuda regarding its full and unconditional guarantee of $200 million liquidation preference of Bank Butterfield’s 8 percent non-cumulative perpetual limited voting preference shares.
    • Represented the Government of Guatemala in the issuance of US$700 million in 10-year sovereign bonds in a Rule 144A/Regulation S offering.
  • Private Equity
    • Represented Brazilian digital financial company NuBank, described as country’s “hottest startup,” in raising approximately US$82 million in 2015, and in establishing credit lines totally $53 million with Goldman Sachs in 2016.
    • Represented a Chinese sovereign investment fund in connection with its private equity investment in a leading financial institution in Brazil.
    • Represented Sequoia Capital regarding its first two investments in Latin America, including its investments in travel reservations website Despegar.com and Scanntech, a SaaS provider for retailers in Uruguay, Argentina and Brazil.
    • Represented U.S. investors with respect to the formation of a venture capital fund in Colombia.
    • Represented a multilateral investment fund, managed by the IDB, in the formation of Fondo Pymex, a venture fund under Canadian law established to invest in Mexico.
    • Represented the Brazilian startup TaClaro.com with respect to an early stage investment by White Mountains Insurance Group.
    • Representing a Colombian-owned internet startup with respect to the launch of its business in the United States.
    • Advised a fund in connection with the fund’s equity investments in the steel industry in Colombia.
  • Corporate, Commercial and Regulatory Matters
    • Representing Ecuador’s flagship carrier TAME in connection with regulatory matters regarding U.S. airports.
    • Advising Mexico-based Grupo Televisa, the world’s largest Spanish-speaking media company, in connection with regulatory and intellectual property matters.
    • Represented Azul Linhas Aéreas Brasileiras in obtaining U.S. licensing for its entrance into the U.S. market and establishing U.S. operations.
    • Represented Spanish aircraft manufacturer with respect to the restructuring of an agreement with a U.S. supplier relating to aircraft to be sold to the Brazilian military.
    • Represented Conduit Capital in tax and corporate structurings for project investments in various countries including Peru.
    • Represented BAE Systems Inc. in entering into a contract manufacturing arrangement in Mexico.
    • Represented the Brazilian engineering, procurement and construction company Promon Engenharia (now part of Grupo Promon) with construction, contracts, international tax and corporate compliance matters.
    • Represented an affiliate of Newfield Technology Corp. in the establishment of maquiladora (IMMEX) manufacturing operations in Mexico.
    • Represented a U.S. investor with respect to the establishment of a Mexican restaurant business.
    • Represented Arrow Electronics Inc. in entering into a contract manufacturing arrangement and lease in Mexico.
    • Represented TeleNav Inc. with respect to agreements with Mexican mobile carriers Telcel and Nextel Mexico regarding the sale and marketing of TeleNav’s navigation services in Mexico.
    • Represented The Nielsen Company with respect to the Colombian, Mexican and Argentinean agreements for a multijurisdictional IT outsourcing and business processing outsourcing transaction.
    • Represented Mexican-owned sports franchise with respect to sponsorship and game promotion agreements relating to the Mexican soccer team Club Deportivo Guadalajara.
    • Represented a client in its investment in the satellite telephone long distance market in Chile.
    • Represented a large Japanese trading company with respect to its negotiation and evaluation of an investment in a copper and gold mining project in Panama.
    • Advised União de Bancos Brasileiros S/A (Unibanco) in potential outsourcing of its data center functions.
    • Advised a U.S. telecommunications carrier in providing services within Panama to the United States and other countries.
    • Advised a U.S. company in dealing with the International Telecommunications Union in cooperation with a South American country to obtain a communications satellite orbital location.
    • Assisted a U.S. telecommunications carrier successfully to negotiate with the Cuban government for a U.S.-Cuban telephone operating agreement and a Florida-Cuba undersea cable landing license.
    • Advised a Caribbean country of its rights and remedies under a long-term concession agreement granted to a foreign telecommunications carrier.
    • Represented PacTel Publishing in restructuring directory publishing arrangements in Brazil.
    • Negotiated for U.S. company with the Panamanian government for concession to develop Pacific/Atlantic cargo transshipment facility through refurbishment, expansion, operation and maintenance of Cristóbal and Balboa Ports and connecting trans-isthmus railroad.
  • Finance
    • Assisted borrowers and financial institutions in all kinds of secured and unsecured lending transactions, working with local counsel in formalizing and registering collateral documents.
  • Energy and Infrastructure Projects
    • Advised on privatizations of international airports in Costa Rica and Guatemala, a Brazilian aircraft manufacturing company, a Bolivian airline and a municipal railway system in Buenos Aires.
    • Assisted regarding development of gas-, coal-, diesel- and residual fuel-fired power plants throughout Latin America, from public bidding through financing, construction and operation.
    • Led major resort development and hotel acquisition projects in Mexico and Costa Rica at all stages of financing and development, and assisted with local regulatory issues.
    • Represented Tozzi Renewable Energy and Ergon Peru in connection with a bridge loan and term loan facilities to finance solar project in Peru.
    • Represented an investment group in its negotiations for a 30-year concession for the design, construction, financing, operation and maintenance of an airport in a capital city in the Caribbean.
    • Represented an Entergy Power Development Corp.-led U.S./Argentine consortium regarding public international tender for construction, operation and maintenance of an electricity transmission line (the Yacyretá Transmission System II Tranche).
    • Represented GDF Suez Energy North America Inc. with respect to bidding on a portfolio of power plants in Mexico.
    • Represented Globeleq Inc. in connection with its purchase, development and export credit financing of a 200 MW portfolio of wind generation assets in Central America.
    • Represented State of Guanajuato, Mexico as concession grantor, equity participant and prospective co-lender regarding concession to a private consortium to develop an interurban high-speed rail project.
    • Advised Marubeni Corp. in $3.8 billion financing of a gas pipeline and LNG liquefaction terminal in Peru; lenders included The World Bank (IFC), Inter-American Development Bank and several export credit agencies.
    • Represented Compania Energia Mexicana S.A. de C.V. in project financing of its new 30 MW run of a river hydropower project in Puebla, Mexico.
    • Represented Puma Energy in refinancing its acquisition of Exxon-Mobil’s Central American downstream assets located in six Central American jurisdictions.
    • Represented the syndicate of international banks that financed the Cabiunas pipeline project for Petróleo Brasileiro SA in first and second material restructuring and amendment of the Cabiunas project documents.
    • Represented Edison Mission Energy in its participation in the Termoeléctrica del Golfo Project for development, engineering, financing, construction, ownership, operation and maintenance of a 230 MW power facility.
    • Represented underwriters in the financing TermoEmcali, a gas-fired power plant in Colombia.
    • Represented the syndicate of international banks in connection with the financing of the Malha pipeline project for Petróleo Brasileiro SA.
    • Represented Citibank in the Lima, Peru Airport modernization project.
    • Advised Banco Caixa Geral Brasil on legal risks and issues related to potential participation in Inter-American Development Bank B Loan for project financing in connection with a Brazilian port facility.
    • Represented the commercial lenders in the Mineracao Rio do Norte bauxite mine deal in Trombetas, Brazil.
    • Represented developer in a joint venture with ING Clarion, then ING Bank’s real estate investment arm, in development of 5,000-acre technology industrial park in Mexicali, Baja California, Mexico.
    • Represented Industrias Peñoles in the construction and development of a 230 MW petroleum coke-fired power plant in the state of San Luis Potosí, Mexico.
    • Represented InterAmerican Energy Leasing Company in development and financing of a 100 MW, gas-fired power plant in Cartagena, Colombia, the first private-sector, nonrecourse power project in the developing world.
    • Represented a multilateral institution and a U.S. government agency as senior project finance lenders and as equity investor regarding a private developer constructed barge-mounted diesel-fired power plant in the Caribbean.
    • Represented Scudder Latin America Power Fund in connection with a geothermal project in Guatemala.
    • Represented Samarco, a MARCONA, SAMITRI and Utah International joint venture, in development, construction and financing of a Brazilian iron mine, including a 200-mile ore slurry pipeline.
    • Represented Grupo Aeroportuario del Sureste SAB de CV/Aerostar Capital joint venture regarding its $2.6 billion bid in first P3 for a medium-hub airport in Latin America announced under an FAA pilot program.
    • Represented Marubeni Corp. with respect to its investment in the Peru LNG project.
    • Represented Empresa Nicaragüense De Electrica with a geo-thermal project contract for the Momotumbo power plant.
    • Advised the Panama Canal Authority on the selection of appropriate project delivery methods, phasing and contracting strategies for $5 billion canal extension project.
    • Representing BBVA as administrative agent and other Spanish banks as lenders in a US$1.6 billion credit facility to finance pulp and paper project for Grupo ENCE Empresarial S.A. in Uruguay.
    • Represented affiliates of Enel North America in a hydroelectric project in Guatemala.
    • Represented Bay Area Rapid Transit in connection with the privatization of the municipal railway system in Buenos Aires.
  • Project Finance
    • Representing the Agent bank regarding the project bond and bank financing of a long-term DBFOM Agreement with respect to the future Line 2 of the Lima (Peru) metro.
    • Represented Terminales Portuarios Euroandinos, SA as sponsors and issuers in a Rule 144A/Regulation S $110 million project bonds offering to finance construction of a new terminal at Peru’s Paita Port.
    • Represented a financial institution regarding project bonds issued on behalf of the Autopista Central Toll Road in Santiago, Chile, Latin American’s first open road electronic toll road.
  • Aviation Finance
    • Represent airlines, operating lessors and major banks and financial institutions on aircraft finance transactions in Latin America involving all of the major Latin American airlines.
    • Represented Natixis as underwriter’s counsel regarding LATAM Airlines Group’s aircraft-backed enhanced equipment trust certificates (EETC) issuance in a two-tranche offering worth US$1 billion – Latin America’s first EETC offering.
    • Represented Avions de Transport Regional (ATR) in connection with U.S. Ex-Im Bank supported financing of five ATR 72-600 aircraft for Azul Airlines.
    • Represented Pluna Lineas Aereas Uruguayas S.A., as lessee, in connection with the Export Development Canada financing of three Bombardier CRJ900 aircraft.
    • Represented Deutsche Bank in the acquisition of one 737-300 aircraft on lease to PLUNA Airlines (Uruguay) and two 737-300 aircraft on lease to GOL Airlines (Brazil).
    • Represented GATX in connection with the leasing of two Boeing 737-800 aircraft to Brazilian start up airline Gol Transportes Aereos.
    • Counsel to Natixis New York Branch in connection with the liquidity facility and depositary role for GOL Linhas Aereas.
    • Represented BLADEX in connection with the financing of pre-delivery payments to Boeing for two Boeing 737-300 aircraft operated by COPA Airlines.
    • Represented a large Mexican media company with the purchase of one G550, G650 and Bombardier XRS aircraft.
    • Represented Société Générale in connection with the financing of aircraft parts and equipment for the Venezuelan government.
    • Represented American Express Bank and First Fidelity Bank in connection with the leasing (and their subsequent defaults/workouts) of seven DC-9 aircraft to Avensa (Venezuela).
    • Represented Paine Webber in the financing of A300 aircraft on lease to Mexicana and also an aircraft lease to Aerolineas Argentinas.
    • Represented several banks (ING, Canadian Imperial Bank of Commerce, American Express Bank) on various financings for TACA International Airlines (El Salvador).
  • Insolvency & Restructuring
    • Representing Deutsche Bank, on bondholders’ behalf, in restructuring of $1 billion+ of senior notes issued by OAS Finance Limited and OAS Investments GMBH. Received Latin Lawyer “Deal of the Year” recognition.
    • Representing three Japanese companies exiting their investment in the shipping industry in Brazil.
    • Representing Deutsche Bank Trust Company Americas, on behalf of bondholders, regarding Grupo Aralco’s bankruptcy filing in Brazil and chapter 15 bankruptcy filing in the Bankruptcy Court SDNY.
    • Representing Deutsche Bank in restructuring of senior notes issued by Industrias Metalurgicas Pescarmona S.A.I.C. of Argentina and guaranteed by Wind Power Energia S.A. of Brazil, which sought bankruptcy protection in Brazil.
    • Represented Deutsche Bank in connection with the restructuring of a loan to San Antonio Oil and Gas Services Ltd. (Argentina).
    • Represented Brazilian Viacao Aerea Rio-Grandense (Varig, S.A.) in its bankruptcy proceedings and debt restructuring. Recognized by Latin Lawyer as a “Deal of the Year.”
    • Represented the dealer manager in the £425 million exchange offer of outstanding debt securities of Asda, a major British retail subsidiary of Wal-mart Stores Inc., for notes of Wal-Mart Stores Inc.
    • Represented Wells Fargo Bank, N.A. regarding default of a hotel products manufacturer with manufacturing/assembly operations in Mexico and foreclosure sale involving collateral in Mexico, the United States and Canada.
    • Represented Wells Fargo Bank, N.A. with respect to the restructuring of a credit facility and collateral security arrangements for a furniture producer with manufacturing/assembly operations in Mexico.
    • Represented Law Debenture Trust Company of New York on behalf of the secured noteholders of a distressed Mexican shipping company.
    • Represented the aviation division of a large U.S. energy company with respect to the bankruptcy filing of Mexicana Airlines and claims that it made in the bankruptcy process.
    • Represented BNY Mellon, as lender, in the debt restructuring of an international commodities trading company in Brazil.
    • Represented Grupo Camarero in extensive chapter 11 litigation, including three competing reorganization plans, resulting in the client’s acquisition of Puerto Rico’s only horse-racing facility.
    • Represented a Candado hotel and casino in connection with its efforts to reorganize, gaining substantial experience with all relevant regulatory authorities.
  • International Trade
    • Serving as U.S. counsel to the Mexican government with respect to NAFTA, WTO and other trade-related issues.
    • Advised U.S. and global clients on matters relating to U.S. laws imposing a trade embargo against Cuba.
    • Advised on Mexican law for purposes of the NAFTA negotiations—antidumping and countervailing duties.
    • Acted as U.S. counsel for the Secretary of Economy for the Government of Mexico in connection with its investment arbitrations under NAFTA and bilateral investment treaties.
    • Represented a major energy company in grand jury and internal investigations of possible FCPA violations in Latin America.
    • Conducted FCPA investigations and due diligence on behalf of clients from Asia and the United States in countries such as Brazil, Mexico, Chile, Venezuela and Argentina.
    • Developed FCPA compliance training programs for clients with operations in Mexico and other parts of Latin America.
    • Assisted a technology company with operations in Latin America in establishing a compliance program, training materials, and agreements with in-country sales representatives.
  • Arbitration and Dispute Resolution
    • Representing Mexican government in 14 completed and currently pending international investment disputes brought under NAFTA and bilateral investment treaties, each case administered under the rules of ICSID or UNCITRAL.
    • Represented Petróleos de Venezuela, S.A. (PDVSA) and its subsidiary BITOR in contract litigations and arbitration initiated by a Canadian utility for CDN$2.2 billion in damages.
    • Represented Furnas Centrais Electricas with its international arbitration matters pertaining to steam generators, nuclear fuel, and other contracts.
    • Represented Scottsdale Commercial Developments Inc. with respect to litigation in Mexico and the United States relating to a former Mexican distributor.
    • Represented PSEG Global in various matters arising out of its power investments in Argentina, including litigation with The AES Corp. and an ICSID claim against the Republic of Argentina.
    • Served as lead counsel and prosecuted claims for a Brazilian distribution company arising from a distributorship arrangement in Brazil between a Brazilian company and an American telecommunications equipment supplier.
    • Represented a government electric utility in Brazil in an international ICC arbitration in a dispute against the vendor of a nuclear power plant.
    • Represented the investment group that funded the acquisition of the assets of the old Aeropostal airline in Venezuela including extensive litigation in the United States and Venezuela.
    • Represented American Express Bank in a series of cases arising from the financing, through letters of credit, of the importation of coffee from Colombia.
    • Represented American Express Bank regarding Venezuelan National shipping lines’ claim that American Express failed to make timely payments resulting in loss of a favorable ship charter.
    • Represented a U.S. bank against a lawsuit brought by a Chilean company over more than 1,000 foreign exchange contracts executed over a 10-year period
    • Successfully defended a Swiss bank against claims for the return of bond payments made by the Government of Argentina.
  • Corporate Trust
    • Represented Deutsche Bank Securities as indentured trustee in connection with Chilean paper company CMPC’s issuance of two notes worth $500 million.
    • Represented Deutsche Bank Trust Company Americas as trustee in connection with Argentinian province Neuquén’s issuance of notes worth $48 million, secured by oil and gas contributions.
    • Represented Deutsche Bank Trust Company Americas as trustee, registrar, transfer and principal paying agent in connection with Argentinian province Chubut’s issuance of notes worth $650 million, secured by hydrocarbon contributions.
    • Represented Deutsche Bank Trust Companies Americas, Deutsche Bank and Deutsche Bank Luxembourg as trustees and agents in connection with Cablevisión’s issuance of debt notes worth $500 million.
    • Represented Deutsche Bank as collateral agent in connection with Fotowatio Ventures’ project financing of a large-scale solar power plant in Uruguay.
    • Represented Deutsche Bank Trust Company Americas as offshore security agent in connection with the Carape Wind Project in Uruguay.
    • Represented Deutsche Bank as offshore collateral agent and offshore account bank and Deutsche Bank S.A. as Mexican collateral agent regarding the Ramones Sur Pipeline Project in Mexico.
    • Represented Citibank N.A. as U.S. Export-Import Bank facility agent and intercreditor agent in connection with the financing of the Talas de Maciel I Wind Project in Uruguay.
    • Represented Deutsche Bank as administrative agent on the financing of Sowitec Group subsidiary Vientos de Pastorale SA’s planned 52.8 MW wind farm in Uruguay’s Flores province.
    • Represented Deutsche Bank as the administrative agent and collateral agent regarding a senior secured loan facility among El Tejar, the borrower, CV LUXCO S.A.R.L. and Flers Participacoes Ltd. (Brazil).
    • Represented Deutsche Bank Trust Company Americas as trustee in one of the largest 2014 debt offerings from a Chilean bank when CorpBanca issued notes worth $750 million.
    • Represented Deutsche Bank Trust Company Americas as trustee regarding corporate financing for Automotores Gildmeister, Banco de Bogota, Compania Minera Milpo, Grupo Aval Acciones y Valores, Maestro Peru and OAS S.A.
    • Represented Deutsche Bank Banco Alemaõ (Brazil) and Deutsche Bank Trust Company Americas as administrative agent regarding corporate financings for Sete Internacíonal, Odebrecht, QGOG, Maple Etanol S.R.L., Grupo R, Borrego and Moapa Solar.
  • Other Finance
    • Representing Deutsche Bank in connection with the U.S. Export-Import Bank direct loan No. AP087292XX, Abener Energia S.A. and Instalaciones Inabensa S.A.
    • Represented Deutsche Bank and Citibank, N.A. in connection with the U.S. Export-Import Bank financing of drilling vessel UXPANAPA.
    • Represented the sponsors of a large beachfront resort development project in Costa Rica with respect to the structuring and financing of the project.
    • Represented Citibank in a Framework Guaranty Agreement for a telecom build out in Jamaica and several other Caribbean countries.
    • Represented a Brazilian-American joint venture in arranging limited recourse financing for the construction of four ultra-deepwater offshore drilling rigs to be chartered to Petrobras offshore Brazil.
    • Represented Pride International Inc. in $800 million senior credit facilities from European and U.S. banks and institutions secured by 28 offshore drilling rigs operating in the Gulf of Mexico and internationally.
    • Represented a foreign bank in syndicated project finance loans to privately owned regional cellular telephone operating companies in Argentina.
    • Represented Transportadora de Gas del Sur S.A. in connection with an exchange offer for its U.S. dollar and Sterling denominated debt.
    • Represented Transportadora de Gas del Sur S.A. in connection with an out-of-court debt restructuring of its U.S. dollar, Sterling and Peso denominated debt.
    • Represented BLADEX with respect to a credit facility for: (i) a Mexican subsidiary of a commodity trading company; (ii) a Mexican packaging business; and (iii) a Mexican paper products manufacturer.
    • Represented a large Japanese bank with respect to agreements for various types of equipment financing transactions in Mexico.
    • Represented Wells Fargo with respect to the Mexican security agreements and guaranties for the financing of a cross-border agriculture business.
    • Represented Wells Fargo with respect to Mexican credit and security agreements for various cross-border US-Mexico businesses.
    • Represented Xtera Communications in secured financing transactions involving two of its customers in Mexico and collateral located in Mexico.
    • Represented Avnet Inc. with respect to a secured financing involving one of its customers in Mexico and collateral located in Mexico.
    • Represented Hewlett-Packard as lender in a nonrecourse, vendor financing of startup internet data center operation in Argentina, Brazil and Mexico.
    • Represented Apio Inc. in secured agricultural loans to growers in Baja California and Sinaloa, pursuant to secured loan and commission merchant arrangements.
    • Represented Sun & Sands Enterprises in secured agricultural loans to growers in Baja California and Sinaloa, pursuant to secured loan and commission merchant arrangements.
    • Advised a multilateral institution on the use of secured financing of transactions in the Guatemalan agricultural sector.
    • Represented a bank in establishing a certificate of deposit program in Uruguay including financing of a wholly owned Mexican manufacturing subsidiary of a major U.S. manufacturer through bankers’ acceptances.
    • Represented the lender on the financing of a wholly owned Mexican manufacturing subsidiary of a major U.S. manufacturer through bankers’ acceptances.
    • Represented a U.S. financial institution on a senior secured limited-recourse financing of a Mexican hotel.
    • Represented the lenders on a private placement of trust certificates involving future receivables of a Mexican telecommunications utility.
    • Represented American President Lines in the creation and perfection of a security interest in a container crane, under Panamanian law, to secure payment of a deferred purchase price.
    • Represented Morgan Pacific Corp. in a debt transaction with a Uruguayan borrower.
    • Advised Fidinam Fiduciara S.A. (a Swiss corporation) regarding its rights and obligations as secured creditor/pledgee of a promissory note issued by the State of Mexico.
    • Advised injection molding company on issues related to its Mexican operations, including a labor strike after company failed to obtain anticipated funding, workout with creditors and the sale of assets.

Practice Area Highlights

  • Earned 2014 IJGlobal Latin American Downstream Oil & Gas Deal of the Year for Los Ramones Sur project.
  • Earned Airfinance Journal 2015’s “Deal of the Year” for representing Natixis, as liquidity provider and depositary, on first-ever EETC issuance from Latin America and first EETC to combine two jurisdictions.
  • Earned 2015 IJGlobal and Project Finance International “Deal of the Year” for US$5.3 billion Lima Metro Line 2 project-financing transaction.

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  • The Legal 500 U.S., Latin America, recognized Pillsbury’s Banking & Finance (2017–2018), Capital Markets and Corporate M&A practices (2013–2018) and Latinvex named Pillsbury partners among Latin America's top 100 lawyers (2015 and 2016).

Resources

Brochure

Latin America

Book

U.S. Capital Markets Regulation and Practices: An Overview for Non-U.S. Companies

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