10
Dec
Panel: LatAm restructuring: the road ahead
Latin American in and out-of-court restructurings have continued at an elevated pace in 2024. High interest rates, weakening local currencies and political instabilities across Latin America have created the perfect storm for continued distressed activity in the region, with corporates choosing to restructure domestically and in the US via Chapter 11 and Chapter 15 proceedings. This panel will discuss the state of the market, important legal framework challenges outlooks for sector activity and what’s to come in 2025.
- Macroeconomic outlook- inflation, rising interest rates, maturing debt- how is this impacting the volume of restructurings in the region, and will we see a rise in corporate distress and defaults in 2025?
- Precedent-setting cases in Brazil, Mexico, Chile and Colombia
- How will changes to Mexico's judicial system affect restructurings?
- What are the top sectors turning towards in-court proceedings regionally and in the US?
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SpeakersAlejandro Sainz Chair of Bankruptcy and Insolvency Practice SAINZ ABOGADOS
Nicolás García-Huidobro Latam Credit Portfolio Manager COMPASS
Ray Zucaro Founder and Chief Investment Officer RVX ASSET MANAGEMENT
Ben Miller Managing Editor, Latin America DEBTWIRE
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Alejandro Sainz heads the Insolvency and Restructurings practice area at the firm and is also a member of the Finance, Compliance and Investigations, and M&A practice groups.
Alejandro has more than 30 years of experience advising and representing clients in cases of cross-border insolvency and restructuring (both out-of-court and in-court proceedings - concursos mercantiles), finance, refinancing, and corporate reorganizations, as well as in the purchase and sale of distressed assets. Throughout his vast experience, he has represented clients from various industries, both nationally and internationally, domestic and foreign companies, public and private organizations, as well as several ad-hoc committees of international bondholders and noteholders issued abroad by Mexican issuers.
He is also well-known for his service to the community, by providing pro-bono representation to various organizations. He has taught and spoken in several courses, seminars, postgraduate courses and lectures, in Mexico and abroad, on topics such as restructuring, commercial bankruptcy and cross-border restructuring and insolvency proceedings. He is a member of several boards of directors and committees.
Alejandro is listed in Chambers Latin America as Band One Lawyer in Bankruptcy / Restructuring; in The Legal 500 as Hall of Fame Lawyer for Bankruptcy and Restructuring; in Who’s Who Legal as Global and National Leader for Restructuring and Insolvency; in Best Lawyers in Mexico for Insolvency and Reorganization Law (2023); among other important recognitions.
His latest publications are:
- Alejandro Sainz and Gabriela Avendaño; "The Interplay Between Different Stakeholders in Mexican Restructurings: Equity Versus Debt" in The Guide to Restructuring, Edition 3; Latin Lawyer; 2023.
- Alejandro Sainz and Gabriela Avendaño, "Mexico: Restructuring & Insolvency" in the Restructuring & Insolvency Country Comparative Guide - Q&A; The Legal 500; 2022.
- Alejandro Sainz and Gabriela Avendaño, "Mexico: Law and Practice" in Chambers Insolvency 2022 Guide.
- Alejandro Sainz and Gabriela Avendaño, "Mexico: An Introduction to Bankruptcy/Restructuring", Overview for the Bankruptcy/ Restructuring Chapter in Chambers Latin America 2024.
Nicolás is a Co-Portfolio Manager of the Latin American Corporate Debt Strategies at Compass. Before, he was also Head of Research for Peru, Colombia and Central America. In 2017, he returned to the Chile office after working in the New York office since 2011 where he started as high-yield credit analyst and the continued as Co-Portfolio Manager of the Compass LatAm High Yield strategy since 2016. He is also involved in private credit analysis and structuring for the same strategy.
Nicolás began his career at the firm in the Santiago office in 2009 as an Analyst for the Small Cap Chile fund and was responsible for Large Cap companies by the end of 2010. Nicolás has a Bachelor of Science degree in Business Administration and an MSF from Universidad Adolfo Ibáñez in Santiago, Chile. He is CFA Charterholder
Ray is the Founder and Chief Investment Officer of RVX. Before establishing RVX, he co-founded SW Asset Management LLC in 2009, where he served as a managing partner and portfolio manager. In this role, he was responsible for single-name idea sourcing and credit research. In 2015, SW Asset Management sold its investment management contracts to Salient Partners.
From 2006 to 2009, Ray was a Portfolio Manager at Drake Management, focusing on emerging market investment opportunities. His $1 billion emerging market portfolio was the best-performing fund at Drake during the Credit Crisis. Prior to Drake, Ray worked as a senior investment analyst at Consilium Investment Management LLC in Florida, where he managed portfolios that involved researching and recommending corporate fixed-income and equity securities across both absolute return vehicles and benchmarked long-only accounts.
Ray began his career as a corporate analyst at Americas Trust Bank (ATB) and later transitioned to corporate research analysis at Standard (Bank) Asset Management in Florida, working with the same team.
He holds an MBA with a concentration in International Business, as well as a Bachelor of Arts degree in Spanish and Psychology from Temple University, graduating with High Honors. Ray also earned the CFA designation, is fluent in Spanish, and has working knowledge of Portuguese.