PAGBAM advised Trafigura PTE LTD ("Trafigura"), international creditor and holder of a Private Negotiable Obligation, in the judicial restructuring of the debt of Roch S.A. ("Roch"), an oil and gas independent producer. The debt restructure, of approximately US$27 million, took place within the framework of the reorganization proceedings filed by Roch on November 5, 2020.
The advice provided by PAGBAM covered the proof of claim arising from the Private Negotiable Obligation issued by Roch in December 2018 for US$ 5,000,000, originally maturing December 2020, the drafting, negotiation and execution of a new commercial and financial contract package including a pledge agreement by Roch’s shareholders and the presentation at the shareholders' meeting provided for in art. 45 bis of the Argentine Insolvency and Bankruptcy Law, which took place on May 16, 2010, where the reorganization proposal presented to the bondholders was approved and finally sanctioned by the court on July 14, 2022.
The PAGBAM team was led by partners Francisco Javier Romano and Lautaro Ferro, assisted by senior associate David Alejandro Hinojosa.