Latin Lawyer recognized the restructuring of Samarco Mineração S.A. (Samarco) as the “Restructuring Deal of the Year” during its 18th annual Deal of the Year Awards on May 9, 2024, in São Paulo, Brazil.
Sidley played a significant role in this restructuring, representing financial industry leaders MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation in connection with over US$600 million of loans made by the banks to Samarco, a Brazilian producer of iron ore pellets, and a joint venture between the Brazilian company Vale and the Australian company BHP. After suffering one of the worst environmental disasters in Brazilian history, the 2015 Mariana Dam disaster, Samarco filed for judicial reorganization under Brazil’s newly revised insolvency regime and Chapter 15 bankruptcy in the United States in April 2021. This is the first large Brazilian judicial reorganization under the new law and is precedent-setting for future large Brazilian restructurings.
The Sidley team included Matthew Clemente and Jackson Garvey (Restructuring); Mark Adler, Angela Fontana, Pietro Fontana, Allison Satyr, and Caroline Roberts (Global Finance); Tomoki Ishiara, Daniel Lin, and Yosuke Iwasaki (M&A); Istvan Hajdu (Capital Markets); Michael Lewis (Banking and Financial Services); and Jim Ducayet (Securities and Shareholder Litigation).
Sidley has maintained a valued presence in Latin America for over 50 years. The firm represents major local and multinational companies and financial institutions, private equity and other investment funds, sovereign governments, and state-owned enterprises in transactions and disputes throughout South America, Central America, and the Caribbean.
