White & Case was honored at The American Lawyer's Industry Awards ceremony in New York on December 5 as "Diversity Champion" for our commitment to workplace inclusion, and with "Global Finance Deal of the Year" for our work advising on the global restructuring of Brazilian telecommunications company Oi S.A.
The "Diversity Champion" designation reflects White & Case's number 1 ranking on The American Lawyer's Diversity Scorecard, which the Firm has now topped for five consecutive years. According to White & Case Executive Partner for Diversity Raoul Cantero, "These results reflect the strong commitment of many of our partners to recruiting and developing diverse lawyers as part of their stewardship of the Firm."
In the "Global Finance Deal of the Year" White & Case acted as global counsel for Oi S.A., one of Brazil's largest integrated telecommunications enterprises, in restructuring nearly US$20 billion in debt governed by a variety of Brazilian, US, English and Portuguese laws—the largest bankruptcy ever in Latin America. Financial Restructuring and Insolvency (FRI) partner Richard Kebrdle said "As a result of Oi's successful multinational restructuring, it can implement a complex recovery and continue serving its millions of customers in South America."
Lawyers from White & Case's FRI, Capital Markets and other practices in our Miami, New York, London and São Paolo offices worked closely with Oi for three years to negotiate terms and implement a restructuring plan for Oi. This included negotiating amended ECA credit agreements and issuing new debt and equity securities to stakeholders. The coordination among multiple teams, including foreign counsel and other contributors, culminated in a consensual plan approved by all stakeholders at the end of 2017 and the implementation of the restructuring during 2018.