Barros y Errázuriz advised Ares Management in connection with the negotiation and restructuring of certain Mezzanine credit agreements in principal amount granted by Ares investment funds to Mainstream Renewable Power Mezzanine Finance DAC, an Irish company of the Mainstream Group, to finance Cóndor Energía SpA, Huemul Energía SpA , and Copihue Energía SpA, Chilean companies of the same corporate group which operate renewable energy projects in Chile. The restructuring of the Credit Facility involved (i) the separation of Copihue’s debt in order to be governed by a separate financing agreement  and (ii) the partial waiver of the amount owed under the Credit, remaining outstanding for the Condor and Huemul tranches.

The Restructuring was the result of extensive negotiations that involved, on one hand, the coordination and definition of strategy with firms from different jurisdictions, and on the other hand, the execution of local guarantees and the exercise of rights for which there were no precedents in Chile. Additionally, our role as counsel involved the intervention in a proceeding under Chapter 11 of the United States Bankruptcy Code, where B&E played a key role in the negotiation of the implementation at a corporate level in Chile of the commercial agreements reached in such process, as well as in the amendments to the Chilean guarantees in order to reflect the Restructuring.