Orrick Recognized for Suriname’s “Sovereign Restructuring of the Year” by LatinFinance
1 minute read | February.06.2025
- LatinFinance has recognized Orrick for Sovereign Restructuring of the Year in its 2024 Deals of the Year Awards.
- The Orrick team received the recognition for their work on the Republic of Suriname’s $1.5 billion debt restructuring on behalf of the bondholder committee, which included some of the leading emerging market institutional investors: Eaton Vance Management; Franklin Templeton; Grantham, Mayo, Van Otterloo; Greylock Capital Management and T Rowe Price.
- Thomas Laryea, of counsel in Orrick’s Washington, D.C. office, led our team, including partners Lorraine McGowen and Sushila Nayak and senior associate Klaudia Mach.
- Thomas noted: “The Suriname debt restructuring presented a complicated situation with the country facing financial challenges in the aftermath of the COVID-19 pandemic, but with higher economic prospects though the expected development of Suriname’s energy projects.With the advice of Orrick and Newstate (as financial advisors), the bondholders worked constructively with Suriname on a restructuring involving a value recovery instrument that could compensate bondholders for the relief provided on a base bond instrument. The Suriname precedent could inform other sovereign debt restructurings, including Venezuela’s potential debt restructuring, when authorized. Orrick represents the Venezuela Creditor Committee”