Davis Polk & Wardwell LLP advised GP Investments, Ltd. (GP), San Antonio Internacional Ltd. (SAI), a GP portfolio company, and San Antonio International Oil & Gas Services, Ltd. (SAOG), a wholly owned subsidiary of SAI, in connection with the restructuring of SAI and SAOG. SAI and SAOG collectively restructured $622 million of existing debt, which included amending and restating the terms of three credit facilities, repurchases of debt through a Dutch Auction, the exchange of $109 million of outstanding debt for newly issued preferred equity and the private offering of $112 million in newly issued common equity. Deutsche Bank Trust Company Americas acted as administrative agent and collateral agent to the lenders under a credit facility with SAI. Crédit Agricole Corporate and Investment Bank acted as administrative agent to the lenders under a credit facility with SAOG. Citibank Colombia S.A. and Standard Bank Plc acted as joint book-running managers and joint lead arrangers for the lenders under a credit facility with SAOG's Colombian subsidiary.

Headquartered in São Paulo, Brazil, SAI is a leading Latin American provider of integrated drilling, exploration and production services for oil and natural gas companies. GP, also headquartered in São Paulo, Brazil, is a leading private equity firm in Latin America.

The Davis Polk corporate and restructuring team included partners Christopher Mayer, Joseph A. Hall, James A. Florack, Marshall S. Huebner and Timothy Graulich, counsel Ajay Lele and associates Derek T. Fears, Rosa Neel, Kevin J. Coco, Carlo M. Caponi, James M. Millerman and Giorgio Bovenzi. Partner Elliot Moskowitz provided litigation advice. The tax team included partner Samuel Dimon and associate Gregory T. Hannibal. All members of the Davis Polk team are based in the New York office.