Insights

• International creditors are facing a shrinking pool of available capital for repayment on their claims in Brazil and Latin America.
• As companies struggle to navigate ever-increasing amounts of debt, there are strategies US dollar noteholders can take to improve their position and fast-track a swift recovery. 

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• As Chinese investment in Latin America grows, so do legal risks for Latin American companies.
• Cross-border strategies such as using Hong Kong arbitration, offshore insolvency tools, and targeting decision-makers can help improve outcomes in disputes with Chinese entities.

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• As part of its continued growth in Latin America, Kobre & Kim has appointed Renata Ramalhosa as Regional Managing Director, based in São Paulo.
• Renata will expand and enhance relationships with local law firms, strategic advisors, key regional stakeholders, and clients outside of Brazil with Brazilian interests.
• Renata has held leadership roles in both the private and public sectors.

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• Economic ties between Latin American and Chinese businesses continue to deepen. There are unique risks involved if a dispute arises with the Chinese company.
• Even if an organization or investor succeeds in an arbitration or litigation against a Chinese company, the Chinese legal system’s intricacies may create barriers to getting the company to pay.
• Latin American companies and investors should consider cross-border strategies to increase their leverage.

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• Many Brazilian and Latin American companies that borrow in US dollars are facing a growing mountain of debt.
• As international creditors eye a shrinking pool of capital available for repayment, US dollar noteholders may be left at the back of the line relative to onshore creditors.
• However, there are a number of options at USD noteholders' disposal that could improve their position and increases their chances of recovery.

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• Deals and partnerships between Latin American and Chinese companies are growing as economic ties between the two regions deepen.
• However, unique risks are involved if a dispute arises with the Chinese company – the Chinese legal system could create barriers to payment, even with an award or judgment in hand.
• Latin American companies and investors should consider cross-border strategies to increase their leverage.

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• A wave of cross-border financial distress and insolvencies is rocking Brazilian companies – Brazilian airline GOL filed for Chapter 11 in the U.S. in January 2024.
• Although international creditors have historically faced a Brazilian insolvency landscape that has created many practical impediments, things are changing.
• A new Brazilian bankruptcy law, if combined with a multijurisdictional approach touching the U.S. and offshore, can give creditors additional leverage toward a favorable recovery.

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• The new administration of Javier Milei in Argentina marks a shift away from the political establishment, with his promises to purge the “political caste.”
• Politically exposed persons may be at risk – new authorities around the world often engage in politically motivated investigations.
• At-risk individuals and businesses should take proactive steps to protect their assets, liberty and reputation.

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• Brazil is seeking more investment from China, with almost half of China’s investments in South America being in Brazil.
• However, the recent wave of insolvencies in Brazil could threaten these investments, particularly if fraud is uncovered, leaving investors to navigate the complex Brazilian insolvency landscape.
• By undertaking a more assertive, multijurisdictional approach, combined with new insolvency tools in Brazil, investors can seek to gain the upper hand.

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• The Americanas fraud has led a wave of insolvencies in Brazil, shaking the market.
• This wave of financial distress has ensnared international creditors into the slow-moving Brazilian insolvency landscape.
• However, new developments in Brazil – combined with an assertive cross-border strategy – can help creditors gain the upper hand and reach a quicker resolution.

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• The tumultuous power transfer in Brazil has sparked investigations into the new administration’s political opponents.
• This is an example of a larger global trend where regime change may result in politically motivated investigations, threatening a politically exposed person’s liberty, reputation and assets.
• Our team walks through proactive steps those at risk can take to protect themselves.

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• Brazil’s looming election could lead to a sharp shift in government and potentially, as part of a global trend, result in politically motivated investigations against rivals and their businesses.
• These investigations can involve misconstrued allegations or undermined due process, and can threaten even overseas assets.
• Our International Private Client team explains how politically exposed individuals can take proactive steps to protect their assets, liberty and reputation.

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• Bribery-related headlines have been swirling in Latin America in recent years, most recently in Argentina.
• Cross-border cooperation among law enforcement authorities appears to be at an all-time high, with local Latin American authorities and U.S. regulators joining their enforcement efforts on large-scale corruption probes such as Operation Car Wash, which has amounted to billions (USD) in monetary penalties paid by those implicated.
• Here are five ways to mitigate risks relating to the Foreign Corrupt Practices Act (FCPA) investigations in Latin America.

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