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May 12, 2022
Cadwalader was recognized for the Latin Lawyer "Restructuring Deal of the Year” award for its role as counsel to Kingsland Holdings, as part of Colombia-based airline Avianca’s emergence from Chapter 11.
Cadwalader represents Kingsland Holdings in the Chapter 11 cases for Avianca Holdings. Avianca – one of the largest airlines in Latin America – sought bankruptcy protection due to a decrease in demand for travel during the COVID-19 pandemic. Kingsland is a prepetition lender, postpetition DIP lender, and shareholder of Avianca. Cadwalader negotiated a $2 billion two-tranche DIP facility on behalf of Kingsland, which included a Tranche B DIP facility consisting of an approximately $386 million roll-up of prepetition loans and $335 million in new money.
On November 2, 2021, the Bankruptcy Court entered an order confirming the Debtors’ proposed Chapter 11 plan, which provided for, among other things, an equity conversion of certain of the DIP debt into equity in the reorganized debtor.
The Cadwalader team was led by partners Michele Maman and Kurt Oosterhouse and included partners Richard Brand and Joanna Valentine, special counsel Thomas Curtin and Jefferson Mabrito and associate Camillo Di Donato.
Latin Lawyer announced the winners of its 16th annual “Deal of the Year” awards at a charity event in Sao Paulo in early May.