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Cancio Covas & Santiago LLP

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Managing Partner: Juan Ramón Cancio Ortiz
Senior Partners: Jorge Covas Mendoza, Carlos Santiago Sarkis
Number of partners: 4
Number of other lawyers: 12

Corporate & Finance:
Juan Ramón Cancio-Ortiz, Jorge Covas Mendoza, Carlos Santiago Sarkis
Litigation: José Raul Cancio-Bigas, Ileana Oliver Falero

Firm Overview:
Cancio Covas & Santiago, LLP (CCS) was established in 2002 as a financial services boutique by the chairman and two of the principal partners of the corporate finance and banking department of a major Hato Rey law firm, specialising in banking, municipal finance, mergers and acquisitions, real estate and business law generally. Founding partners, Juan Ramón Cancio, Jorge Covas and Carlos Santiago constitute one of the leading local corporate and financial practice groups, representing companies and other business entities in all stages of their development and growth, as well as the financial institutions that finance them. CCS also has a strong litigation practice, regularly appearing in local courts and the US District Court for the District of Puerto Rico and the United States Bankruptcy Court, as well as the United States Court of Appeals for the First Circuit. The Chairman of CCS’ litigation department, José Raúl Cancio-Bigas, is a highly experienced litigator with over 40 years of experience in civil and commercial litigation and bankruptcy law.

Main Areas of Practice:

Corporate & Business Counselling:
CCS regularly counsels clients on business organisation and entity formation, assisting clients in devising ideal capital structures tailored to their individual needs, as well as attending to corporate governance matters and shareholders’ interrelations. CCS provides counselling for general business matters, as well specialised services in areas such as health law, non-profit and charitable organisations, as well as business and tax incentives for relocated investors and corporations (Act 20-2012, Act 22-2012), among others.

Corporate Finance & Securities:
Since its inception CCS has been recognised for providing innovative counsel in corporate finance to clients involved in a broad range of complex financial, institutional and commercial transactions, including the offering of debt and equity securities in Puerto Rico. CCS offers advice in the structuring and negotiation of debt financing for acquisitions, buy-outs and related transactions, including the development of structures tailored to Puerto Rico’s unique tax and legal environment.

Public Finance:
CCS represents governmental issuers and underwriters in offerings of municipal securities and regulatory compliance matters under federal and Puerto Rican laws. For over 30 years members of the firm have acted as issuer, bond and underwriters counsel in myriad transactions, as well as letter of credit bank counsel, among other roles. CCS represented Puerto Rico Aqueduct and Sewer Authority in the issuance of its Senior Revenue Bonds in 2008 and 2012, the refunding of its Commonwealth Guaranteed Revenue Bonds in 2008, and in the execution of Forbearance Agreements with its subordinate debt holders in 2016 and 2017. CCS also provides counselling on matters relating to the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA).

Commericial Lending:
In addition to providing services to nationally and internationally recognised financial institutions with structured transactions, CCS serves as the principal advisor and transactional counsel in a wide variety of financing transactions for the corporate, asset based lending, workouts, structured finance and construction divisions of several of Puerto Rico’s most prominent commercial banks, as well as corporate and individual borrowers in diverse commercial transactions.

Mergers & Aquisitions:
CCS’ attorneys structure sophisticated transactions such as mergers, stock and asset purchases and sales, recapitalisations, divestitures, leveraged buyouts and other corporate combinations and restructurings. CCS has been bench-marked as specialised counsel in the acquisition and sale of hospitals and their financing, developing a health-law practice as a result thereof.

Real Estate:
CCS regularly counsels clients in all aspects of the real estate industry, including the acquisition, development, financing and construction of all types of projects and properties use, zoning matters and urban planning, to a varied clientele.

Reorganisations, Restructurings & Workouts:
The firm regularly represents secured and unsecured creditors, including financial institutions, in reorganisations, restructuring and workout transactions to renegotiate financing agreements.

Collections & Bankruptcy:
CCS provides counselling and advice to financially distressed clients and clients dealing with financially troubled third parties, regularly representing secured and unsecured commercial and individual creditors, including financial institutions, corporations and partnerships, through all phases of insolvency proceedings.

CCS assists clients in various aspects of the energy business, including the development, financing and permitting of power generation projects and other infrastructure projects and has been involved in the financing and acquisition of different energy projects in Puerto Rico and abroad.

English, Spanish.

Public sector clients include governmental agencies and public corporations in connection with bond issues and other complex financings, asset dispositions, government privatisations, workouts, among others. In the private sector CCS traditionally represents banks and other financial institutions doing business in Puerto Rico, as well as hospitals, telecommunication providers, commercial and retail property management companies, including shopping centres, real estate developers, insurance companies and other corporate and retail businesses, non-profit organisations and high net worth individuals.