Ocyan wins award for case study on financial restructuring

Ocyan won the “Deal of the Year” award from the magazine Latin Lawyer for its financial restructuring process, which was concluded in December last year. The company won the award in the “Restructuring” category, where it competed with two other operations in Latin America. The award was presented at a ceremony held last night (19) in São Paulo. The publication, which is a leading reference in corporate law in the LatAm region, has sponsored the awards for 12 years.

“Winning this award was made possible by the hard work of our dedicated in-house team, the quality of our external advisers and the efforts made by our creditors, clients, suppliers and shareholders, who supported Ocyan throughout the entire process. The award recognizes the efforts made by everyone to ensure that Ocyan resumes a growth trajectory by winning new clients and contracts, seizing on the opportunities created by the resumption of investments in the oil and gas industry being observed in Brazil and internationally. The model adopted for the financial restructuring boosted the company’s liquidity by strengthening its short and long term financial position and balancing its capital structure,” commemorated Ocyan’s CEO, Roberto Simões.

Ocyan’s financial restructuring was concluded in December last year, with the exchange of the 2021 Notes and the 2022 notes and with the issue of participatory securities. The process was finalized following the ruling by the 4^th Business Court of the Court of Appeals of the State of Rio de Janeiro, which ratified the company’s out-of-court reorganization plan, in October 2017, which subsequently was recognized by the ruling by the Bankruptcy Court of the Southern District of New York, in December 2017, in connection with the Chapter 15 case.

With the rulings handed down by both courts, the terms of the restructuring become mandatory and encompass all holders of the 2021 Notes and 2022 Notes, as well as the corporate creditors. The notes were exchanged in New York within the new structure and under the new format agreed upon with the creditors.

Click here and watch the moment when the award winner was announced.