Shearman & Sterling is counsel to the foreign representative of Centrais Elétricas do Pará S.A. (“Celpa”) and Equatorial Energia S.A. (“Equatorial”). Celpa is the sole electricity transmission and distribution company in the state of Pará, Brazil, and Equatorial is a diversified energy company operating in Brazil.
Celpa filed for bankruptcy under Brazilian law and, on September 1, 2012, received Brazilian court approval of its restructuring plan. In accordance with the terms of that plan, Shearman & Sterling advised Equatorial in its acquisition of a majority equity interest in Celpa from Rede Energia S.A., which closed on November 1, 2012. Thereafter (with the consent of both parties), Shearman & Sterling assisted Celpa’s foreign representative in obtaining recognition of Celpa’s Brazilian bankruptcy proceeding and US enforcement of its Brazilian restructuring plan from the United States Bankruptcy Court for the Southern District of New York. That chapter 15 recognition order facilitated the acquisition by Equatorial of 100% of Celpa’s US$250 million 10.50% unsecured notes due 2016 in a mandatory exchange that closed on December 14, 2012.
The Shearman & Sterling team includes partners Douglas Bartner (New York-Bankruptcy & Reorganization) and Mathias von Bernuth (São Paulo-Capital Markets), as well as associates Robert Britton and Richard Facundo (both New York-Bankruptcy & Reorganization).
