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Restructuring of Virgolino de Oliveira Finance S.A.

North America - United States | Europe - Luxembourg | South America - Brazil

Faegre Drinker represents the successor indenture trustee in relation to the restructuring of Grupo Virgolino de Oliveira Finance S.A. (GVO), a Brazilian family of companies. GVO issued US$135 million of debt in the United States through a Luxembourg subsidiary and failed to pay on that debt when due, resulting in the holders replacing the original indenture trustee with UMB Bank. On behalf of certain of the holders and the indenture trustee, we filed an action in New York state court related to the non-payment of the facility. GVO recently filed an insolvency proceeding in Brazil, and in conjunction with Brazilian counsel, we represent the indenture trustee in connection with that proceeding.

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