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St. Regis Hotel


Paseo de la Reforma 439
Mexico City

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The Rules of the Game in Mexico: Corporate Workouts and the Capital Markets

Jun 21, 2012 | St. Regis Hotel, Mexico City

08.30 - 09.00: Registration, coffee and networking
09.00 - 09.05: Introductory remarks
09.15 - 10.30: Breakfast panel discussion
10.30 - 11.00: Questions from the audience

In the past dozen years, Mexican banks and corporations have had increasingly easy access to the domestic and international bond markets at lower interest rates and longer maturities. At the end of 2011, the debt securities outstanding issued by banks and corporations in the Mexican market reached the equivalent of nearly US$200 billion, as compared with a mere US$50 billion at the end of 2000. The value of international debt securities outstanding issued by Mexican banks and corporations, for their part, exceeded US$75 billion as of end-2011, up from US$30 billion in 2000.

The rapid growth in debt issuance by private-sector firms has been facilitated by a supporting macroeconomic environment and by a series of significant financial reforms. The latter have included landmark legislation to modernize the corporate workout process, facilitate the pledging and execution of collateral, permit the issuance of novel instruments and the operation of new intermediaries, and the founding of credit bureaus.

However, common assumptions about the workings of the Mexican insolvency regime (the Ley de Concursos Mercantiles, or LCM) are currently being questioned by the creditor-unfriendly precedent set by Vitro S.A.B. In a landmark decision, the Concurso regime delivered an outcome viewed as unfair and inconsistent with prevailing norms and practices in the United States, Europe and other reputable jurisdictions around the world. A panel of expert economists, attorneys and credit analysts will discuss the state of the LCM today and the potential implications of the Vitro case:

- How has the Ley de Concursos Mercantiles (LCM) fared since its enactment in 2000?
- What loopholes in the LCM was Vitro S.A.B. able to exploit?
- Does the outcome of the Vitro case have the potential to disrupt the easy access to domestic and foreign financing which   Mexican banks and corporations enjoy?
- Will we see a ‘Vitro Effect?’

Keynote presenter:

Dr. Arturo C. Porzecanski is the Distinguished Economist in Residence and a professor of international economics and finance at American University in Washington, D.C. He is also a Senior Associate of the Center for Strategic and International Studies (CSIS). An expert in international finance, he worked for nearly three decades on Wall Street, most recently as chief economist for emerging markets at ABN AMRO Bank (2000-05). Dr. Porzecanski’s research papers include: Mexico's Retrogression: Implications of a Bankruptcy Reorganization Gone Wrong; and Buenos Aires to Athens: The Road to Perdition.

Other speakers:

Héctor Alfonso Villavicencio Ayala is Senior Partner at Villavicencio Abogados, S.C. His specialization areas include Corporate (due-diligences, contracts, mergers & acquisitions), Energy (Oil & Gas, petrochemicals, electricity, renewable) financial, banking, foreign investment and commercial matters; Telecommunications; Real Estate, sales agreements, Public Registry, agrarian land matters, joint ventures and financing for real estate developments; intellectual property (trademarks and copyrights) & immigration matters. Lobbying with all level governmental entities (federal, local and municipalities) and agencies, which includes States and Gobierno del Distrito Federal with their Legislative Branch.

José Coballasi is Director of Corporate Ratings at Standard & Poor’s, leading the corporate and project-finance, bond-rating teams for S&P in Mexico City.  Over the last 13 years José has been involved in the rating of hundreds of domestic and international of transactions by many of Mexico’s leading non-financial corporates, and he was also responsible for the implementation of S&P’s recovery ratings methodology in Mexico after a study of the impact of the country’s new bankruptcy regime. Before joining S&P in 1999, he was an equity analyst at BBV Probursa and a member of Corporacion GEO’s investor-relations department in Mexico City. 

Las Reglas del Juego en México:
Los Concursos Mercantiles y los Mercados de Capital
21 de junio 2012 ∙ Ciudad de México ∙ Hotel St. Regis

08.30 – 09.00

Inscripción y café

09.00 – 09:05

Comentarios de Apertura: Michael Brosgart, Director General, LatinFinance

09:15 – 10:30

Los Concursos Mercantiles y los Mercados de Capital

Durante los últimos doce años, los bancos y las empresas mexicanas han tenido acceso cada vez más fácil a los mercados de bonos nacionales e internacionales a tasas de interés más bajas y a más largos plazos. A finales del 2011, el monto de títulos de deuda en circulación emitidos por los bancos y las empresas en el mercado mexicano alcanzó el equivalente a casi 200 mil millones de dólares, en comparación a sólo $50 mil millones a finales del 2000. El valor de los bonos en circulación emitidos por bancos y empresas mexicanas en el exterior, por su parte, superó a los 75 mil millones de dólares a fines del 2011, un aumento de $30 mil millones en el 2000.

El rápido crecimiento de la emisión de títulos de deuda por empresas del sector privado ha sido facilitado por el apoyo de un entorno macroeconómico favorable y de una serie de importantes reformas financieras. Estas últimas ha incluido legislación de importancia histórica para modernizar el proceso de quiebras y restructuraciones, facilitar el uso y la ejecución de colateral y garantías, permitir la emisión de novedosos instrumentos, dar paso a la operación de nuevos intermediarios financieros, y favorecer la fundación de las sociedades de información crediticia.

Sin embargo, las suposiciones generales sobre el funcionamiento del régimen de insolvencia mexicano (la Ley de Concursos Mercantiles, o LCM) están siendo cuestionadas en la actualidad debido al precedente que el disputado concurso de la empresa Vitro S.A.B. está intentando establecer. En una decisión histórica, el régimen de Concurso entregó un resultado considerado incompatible con las normas y prácticas vigentes en los Estados Unidos, Europa y otras jurisdicciones a través el mundo. Un grupo de expertos economistas, abogados y analistas de crédito van a comentar sobre la evolución de la LCM y sobre las posibles implicaciones del caso Vitro:

· ¿Cómo ha evolucionado la Ley de Concursos Mercantiles (LCM) desde su promulgación en el año 2000?

· ¿Qué falta de claridad en la LCM fue Vitro S.A.B. capaz de aprovechar?

· ¿Tiene el resultado del caso de Vitro el potencial de interrumpir el acceso fácil a la financiación nacional y extranjera que los bancos y las empresas mexicanas disfrutan? ¿Veremos un "efecto Vitro?

Presentador Principal:

Dr. Arturo C. Porzecanski es el Economista Distinguido en Residencia y Profesor de Economía y Finanzas Internacionales en la American University en Washington, DC. También es Asociado Principal del Centro de Estudios Estratégicos e Internacionales (CSIS). Experto en finanzas internacionales, trabajó durante casi tres décadas en Wall Street antes de pasarse a la academia, más recientemente, como Economista Jefe de Mercados Emergentes de ABN AMRO Bank (2000-05). Entre los trabajos de investigación publicados por el Dr. Porzecanski se incluyen: “El Retroceso de México: Implicaciones de un Concurso Mercantil Fallido”, y “De Buenos Aires a Atenas: El Camino a la Perdición.”


Héctor Alfonso Villavicencio Ayala es socio principal de Villavicencio Abogados, SC. Sus áreas de especialización incluyen Corporativos (due diligence, contratos, fusiones y adquisiciones), energía (petróleo y gas, petroquímica, electricidad, renovables) financiera, la banca, la inversión extranjera y asuntos comerciales; Telecomunicaciones; Bienes Raíces, los acuerdos de ventas, Registro Público, asuntos agrarios, las empresas mixtas y la financiación para desarrollos inmobiliarios, propiedad intelectual (marcas comerciales y derechos de autor) y asuntos de inmigración. El cabildeo con todas las entidades gubernamentales de nivel (federal, local y de los municipios) y las agencias, que incluye los Estados y de Gobierno del Distrito Federal con su Poder Legislativo.

José Coballasi es Director de Calificaciones Corporativas de Standard & Poor's(S & P), conduciendo a los equipos que evalúan y califican proyectos de infraestructura y empresas corporativas mexicanas para S & P.. Durante los últimos 13 años, José ha participado en la calificación de cientos de emisiones y transacciones nacionales e internacionales de las empresas líderes de México, y también fue responsable de la aplicación de la metodología de los estimados de recuperación en México después de un estudio del impacto del nuevo régimen de concursos mercantiles del país.

10:30 – 11:00

Sesión de Preguntas y Respuestas


Conclusión del desayuno

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