Togut, Segal & Segal LLP is pleased to announce that the global restructuring of LATAM Airlines Group, for which the Togut Firm served as co-counsel to the debtors with Cleary Gottlieb, was named as the inaugural International Matter of the Year at the 2022 American Bankruptcy Institute Cross-Border Insolvency Program. The LATAM matter was selected from a field of 14 cross-border complex restructuring matters as the winner of the award.
The Togut Firm represented the LATAM debtors in their chapter 11 cases administered in the United States Bankruptcy Court for the Southern District of New York, alongside Cleary Gottlieb as main bankruptcy counsel to the debtors, FTI Consulting, Inc. as financial advisors to the debtors, and PJT Partners Inc. as investment banker to the debtors. The chapter 11 cases represent one of the largest bankruptcies filed in recent times, involving over $16 billion in liabilities and ultimately involving thirty-eight debtors, including LATAM’s largest passenger and cargo airline affiliates. The reorganized debtors successfully exited from chapter 11 on November 3, 2022, two and a half years after commencing their cases in spring 2020.
Togut Partner Kyle Ortiz also moderated a panel discussion titled “Cryptocurrency and Cross-Border Insolvency Law” at the ABI Cross-Border conference, with José Carles of Carles | Cuesta (Spain), Grant Carroll of Ogier (BVI), and Christopher S. Koenig of Kirkland & Ellis LLP (Chicago) as panel participants. Mr. Ortiz has experience within the intersection of cryptocurrency and insolvency law; among other things, the Togut Firm represents an Ad Hoc Group of Custodial Account Holders in the ongoing Celsius chapter 11 cases.
The 2022 Cross-Border Insolvency Program was held in-person in New York on November 14, 2022. For more information on ABI’s Cross-Border Insolvency Program and the International Matter of the Year Award, click here.
