Latin Finance - September/October 2009 - 70

Guide to Legal Services example of a national icon that both the government and the markets want to ensure is strengthened for years to come. In early August, Mexican paper products maker Corporación Durango was set to finalize its $357 million debt restructuring process begun in October which involved renegotiating with holders of its 2017 bonds. “We choose firms depending on the kind of transaction,” says Gabriel Villegas, corporate counsel at Durango, which tapped Mexico’s Santamarina y Steta for workout advice. He says it selected the firm after being pleased with the work on Durango’s 2004-2005 restructuring. Villegas explains that Durango has used other local firms for other types of transactions, such as M&A. Rothschild was financial advisor on Durango’s restructuring. Robles says that if economic indicators continue to improve in Mexico, there should be less restructuring. He expects a return to M&A and loans by the end of the year, after “touching bottom” in the fall, from a legal point of view. In our survey, Robles wins top individual lawyer honors in Mexico for the DCM and M&A categories. Brazil, by contrast, appears to be the farthest ahead in the region in recovering from the crisis and exiting recession. It is already seeing a return to areas such as ECM, following the series of new equity deals including VisaNet and BR Malls. “What you see now is a significant improvement in overall market conditions,” says Fernando Meira, of Pinheiro Neto, Brazil’s winner for best local firm and counsel on restructurings including Santelisa Vale. On the M&A side, there are signs that private equity and strategics are starting to come out of their shells, adds Meira. Cleary’s El Khoury agrees that, while it is still early, M&A appears poised for a return in Brazil and Mexico, at first from a strategic point of view, perhaps eventually followed by more private equity. He notes Colombia and Peru may see smaller-scale M&A, having cooled down after very active growth periods. Elsewhere in the region, Cleary has advised Argentina on restructurings, and sees the government work available making it worth it to keep a presence on the ground, despite a lack of corporate Significant improvement: Meira activity in the capital markets in recent years. Cleary won best overall international firm for the country, as well as for the specific areas of corporate loans and DCM. Argentine lawyers say debt restructuring was the biggest area in the past year, followed by M&A. Debt transactions were third, perhaps September 2009 suggesting more activity may be on Ritch Mueller, S.C. the way in is proud to receive the following recognitions from LatinFinance: the months ahead. Marval, • Best overall local law firm in Mexico. O’Farrell & • Best local law firm in Mexico in the following categories: Mairal was Corporate Loans, Project Finance Loans, Securitization, voted best Equity and Debt Capital Markets. local firm for DCM, M&A, Founded in 1975, Ritch Mueller is an independent law firm as well as based in Mexico City which provides specialized legal corporate services in the areas of financing, securities, mergers and and project acquisitions, energy and infrastructure, real estate and general finance loans. corporate matters. Ritch Mueller focuses primarily in providing Nicholson & legal advice and transaction support to foreign entities doing Cano won for business in Mexico. securitization. of their business comes from domestic companies versus international. Another third say domestic clients account for less than 25% and the remaining third at 25%-75%. For the international firms, having a local touch is essential, says Durango’s Villegas, who finds that only a select few international firms have partners who offer the necessary language skills and knowledge of the Mexican system. While many firms send junior lawyers to the US for a few years of seasoning, he notes that more hands on work by international experts would benefit companies in Mexico. “We will need to be more open to permit specialized foreign attorneys to practice in Mexico,” says Gustavo Zenizo, corporate counsel at Mexican auto parts maker Sanluis. Zenizo adds that there is a need for legal reform that might help Mexican companies get better representation. Robles says the crisis may have eased competition in Mexico’s market, if only The Loyalty Factor About a third of respondents from local law firms say more than 75% Ritch Mueller, S.C. “Torre del Bosque” Blvd. M.Avila Camacho 24-20 México, D.F. 11000 Tel: +52 55 9178-7000 • Fax: +52 55 9178-7095 Email: contact@ritch.com.mx • www.ritch.com.mx 70 LatinFinance September/October 2009
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Latin Finance - September/October 2009

Table of Contents for the Digital Edition of Latin Finance - September/October 2009
