Hogan Lovells advises Republic of Ecuador and Petroamazonas EP on successful consent solicitations

New York, NY, May 18, 2020 - International law firm Hogan Lovells represented the Republic of Ecuador and its wholly-owned energy company Empresa Pública de Exploración y Explotación de Hidrocarburos Petroamazonas EP on their solicitation of consents to amend various series of securities. These securities, issued by the Republic of Ecuador, were in an aggregate principal outstanding amount of approximately US$19 billion and a series of securities issued by the energy company were in an aggregate principal outstanding amount of approximately US$175 million. The consent solicitations were successful and the amendments went into effect with the approval of between 82.2% and 98.9% of noteholders of each series of securities.

The amendments have provided short-term relief from certain of Ecuador’s and Petroamazonas’s financial obligations while the Republic of Ecuador implements steps to address its public finances, as well as and render its outstanding debt obligations sustainable.

Hogan Lovells represented The Republic of Ecuador, a long-time client, throughout the process, including the structuring and documentation. The firm has also represented Ecuador in many of its international financing matters in the past including a US400 million financing in February 2020 and US$2 billion bond offering in 2017. 

The following  Hogan Lovells partners led the team, New York Capital Markets partner Evan Koster; Latin American Practice Group co-head,  Houston Finance partner Bruno Ciuffetelli; Miami-based Finance partner Gaston Fernandez; Miami Finance partner Latin America Practice Group co-head José F. Valdivia, III, and  New York Business Restructuring and Insolvency U.S. co-head partner Ron Silverman. The team also included New York Business Restructuring and Insolvency counsel Philip H. Ehrlich, Miami International Energy advisor Pedro Martinez Rubi, New York Capital Markets senior associate Flavio Averbug, and New York associate Juan D. Moreno.

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