Hernández & Cía. Abogados advised the Ad Hoc Group of Gildemeister’s bondholders, mainly represented by Elliot Management Corp. and Monarch Capital Group LLC. ("Bondholders"), in the financial restructuring of the US$515,250,522 million 7.50% Senior Secured Notes due 2021, the US$24,194,000 million 8.250% Senior Unsecured Notes due 2021, and the US$5,122,000 million 6.750% Senior Unsecured Notes due 2023, issued by Automotores Gildemeister SpA (formerly Automotores Gildemeister S.A.) through the amendment and restatement of the Peruvian law-governed trust agreement which was initially executed on February 2016, to secure the obligations of Automotores Gildemeister SpA with its Bondholders.
Acting as local advisor to the Ad Hoc Group of Bondholders, we assisted the Ad Hoc Group of Bondholders in the negotiation of a fifth amendment and restatement to the Peruvian trust agreement. This Peruvian trust is constituted over: (i) all the shares issued by Automotores Gildemeister Perú S.A., Maquinaria Nacional S.A. and Motor Mundo S.A. (subsidiaries of Automotores Gildemeister SpA in Peru); and (ii) real estate assets owned by Automotores Gildemeister Perú S.A. and Automotores Gildemeister SpA located in Peru.
The Peruvian trust was constituted by Automotores Gildemeister SpA, Automores Gildemeister Perú S.A. and AG - Créditos SpA as trustors, TMF Perú S.R.L as collateral agent and La Fiduciaria S.A. as trustee.