MIAMI--(BUSINESS WIRE)--International law firm Greenberg Traurig LLP announced today that it received the Latin Lawyer “Deal of the Year--Restructuring” Award for its representation of Satélites Mexicanos, S.A. de C.V. and its affiliates (“Satmex”) in securing US$ 421 million in financing. The award was presented at the sixth annual Deal of the Year Awards ceremony held last week in São Paulo, Brazil. Latin Lawyer is a leading business law resource for Latin America.
“We are delighted to be honored with this award," said Patricia Menéndez-Cambó, chair of the firm’s Global Practice and co-chair of the Global Energy & Infrastructure Practice. "Not only is it a testament to the diligent efforts of the Greenberg Traurig team to collaborate across a global platform, but it also demonstrates the expertise of our practice within the Latin American sector and our commitment to meeting our client’s needs."
Satmex is one of only two privately-managed fixed satellite service providers in Latin America and provides satellite coverage to more than 90% of the population of the Americas across more than 45 nations and territories.
In June 2010, Satmex was faced with an impending liquidity crisis, driven by the looming maturity of more than $420 million in secured and unsecured debt and the need to finance construction of a new satellite. Greenberg Traurig led a team of professionals in designing a financial restructuring that included a high-yield debt offering for US$ 325 million in new 9.5% senior secured notes due in 2017 and US$ 96 million from a rights offering to the existing second lien noteholders.
In what is believed to be a first in corporate restructurings, the financing was entirely committed before the chapter 11 bankruptcy case was even filed. The ability of the company to restructure without a Mexican proceeding and to obtain pre-bankruptcy commitments for exit financing make it a highly unique restructuring case in 2011.
Greenberg Traurig team:
- Patricia Menéndez-Cambó, Miami
- Alan I. Annex, New York
- Paul Berkowitz, Miami
- Randy A. Bullard, Miami
- Mark Lopez, Miami
- Luis Rubio Barnetche, Mexico City
- Jeffrey S. Tenen, Miami
- Javier A. Blanco, Miami
- Enrique A. Conde, Miami
Business Reorganization & Financial Restructuring
- Bruce Zirinsky, New York
- Victoria Counihan, Delaware
- Maria DiConza, New York
- Paul J. Keenan, Jr., Miami
- Nancy Mitchell, New York
- Alexandra Aquino-Fike, New York
- Aviram Fox, New York
- Kenneth Zuckerbrot, New York
- Diana S. Davis, New York
About Greenberg Traurig, LLP
Greenberg Traurig, LLP is an international, full-service law firm with approximately 1800 attorneys serving clients from 34 offices in the United States, Latin America, Europe, the Middle East and Asia. In the U.S., the firm has more offices than any other among the Top 10 on The National Law Journal's 2012 NLJ 250. For additional information, please visit www.gtlaw.com.