Mexico City, January 13, 2022.- CDA Abogados, through its partners Luis Cervantes Castillo, Alejandro Díaz Steta, and the associate Florencia Franco Fernández, advised the borrowers in a debt restructuring of a USD$10.5M transnational loan.
This loan was between i) ASDA Continuation Limited, a British Virgin Islands limited company as lender and ii) Compagnie Monegasque de Fruit; Mexican Fruit Company B.V.; Plantación Santa Teresa, S.P.R. de R.L. de C.V.; Costa de Jade, S.A. de C.V.; Productores de Tacotalpa, S.A. de C.V.; Logística y Distribución de Productos Mexicanos, S.A. de C.V.; and Vivcolmex, S.A. de C.V. as borrowers.
Pursuant to the relevant loan agreements, from 2017 to 2019, Lender granted Borrowers an aggregate credit facility of USD$10.5M. In 2021, due to Borrowers’ default in payments, the parties entered into negotiations aimed at restructuring the debt. A mediation and transaction agreement was reached between the parties where Lender agreed to reduce the interest rates on the loans and extended the dates when Borrowers’ liabilities were due to be paid, improving Borrowers’ chances of paying back their obligations and staying in business.
Other firms involved: Santamarina y Steta. Partners Carlos Olvera and Ricardo Orea.
About CDA Abogados
The Firm offers expert legal services on corporate and commercial law matters to a range of Mexican and international clients. They provide support for day-to-day business needs, as well as for the largest and most complex corporate transactions in Mexico.
Its team has advised foreign and domestic clients on all aspects of buying, selling or combining companies and businesses across regulated and unregulated industries, and their lawyers have represented clients in a wide array of M&A transactions, including:
negotiated acquisitions; mergers and spin-offs; tender offers; leveraged buyouts; management buyouts; joint ventures and strategic alliances; corporate restructurings; privatizations.