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June 19, 2017
During the M&A Advisor’s 9th Annual International M&A Awards, Hunton & Williams LLP was recognized for its bankruptcy practice group’s representation in the Chapter 11 of O.W. Bunker Debtors, and corporate team’s work in Promerica’s acquisition of Banco Citibank de Guatemala.
The 2017 Restructuring Deal of the Year award was given in recognition of the bankruptcy practice group’s representation of The Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy of O.W. Bunker Holding North America, Inc. and affiliates in the District of Connecticut. Before abruptly filing for bankruptcy after the discovery of a massive internal fraud, O.W. Bunker was one of the largest international traders of bunker fuel, with operations in 29 countries. Working closely with debtors’ counsel over the course of 13 months, Hunton lawyers were able to negotiate a complex Chapter 11 plan that elicited the full cooperation of the company’s secured creditor and resolved multiple conflicts between bankruptcy and maritime principles and proceedings, resulting in substantial distributions to unsecured creditors. The legal team was led by Peter S. Partee Sr. and Michael P. Richman, and included Andrew Kamensky and Robert A. Rich. This case earlier received M&A Advisor’s 2017 Energy Deal of the Year (over $100 million to $500 million), 2017 Restructuring Deal of the Year (over $500 million to $1 billion), and 2016 Restructuring Deal of the Year (over $100 million).
The Corporate/Strategic Deal of the Year recognition was awarded for the corporate team’s representation of Promerica Financial Corp. in its acquisition of Banco Citibank de Guatemala, S.A. and affiliate Cititarjetas de Guatemala Limitada. The firm also advised Promerica in obtaining a syndicated credit facility to fund a portion of the acquisition. The transaction was transformational for Promerica as it gained significant market share and a stronger foothold in the credit card business in Central America. The successful financing was particularly complex given the number of jurisdictions involved. Led by Fernando C. Alonso and Fernando Margarit, in Miami, and David R. Yates, in Atlanta, the team included Miami lawyers Carlos Garcia (for financing only), Stefano D’Aniello, Rail Seoane and B. Cary Tolley III; Mark A. Melton in Dallas; and Eric J. Hanson in Atlanta.