Greenberg Traurig LLP issued the following announcement on July 30.
Global law firm Greenberg Traurig, LLP represented Oppenheimer & Co. Inc. as solicitation agent in the successful consent solicitation conducted by The Republic of Suriname (the Republic) in order to reprofile its principal payment obligations under its 9.875% notes due in 2023 in light of the current economic and political situation affecting the country.
The consent allowed the Republic to amend certain terms of the notes in reliance on the “collective action clause” in the indenture – now common in most sovereign debt instruments – that permits amendments to essential terms with less than a unanimous vote of noteholders. The amendments were approved by noteholders holding 99.84% of the aggregate outstanding principal amount of the notes. The consent solicitation was conducted over a shortened time frame of five business days following a pre-launch wall crossing.
“We are proud of our Latin America and Global Capital Markets teams for bringing their knowledge, passion, and creativity to support this important transaction for our client and for The Republic of Suriname,” said Marc M. Rossell, a New York office shareholder in Greenberg Traurig’s Global Capital Markets Group and co-chair of the firm’s Latin America Practice.
The Greenberg Traurig team representing Oppenheimer & Co. Inc. was led by Rossell, with additional team members from the New York office, including Corporate Practice Of Counsel Godric C. Shoesmith and Tax Practice Shareholder Erez I. Tucner.
Original source can be found here.