Morales & Besa > Santiago, Chile > Firm Profile

Morales & Besa > The Legal 500 Rankings

Chile > Banking and finance Tier 1

Morales & Besa‘s specialised 14-strong banking and finance team is regularly mandated by both local and international clients on restructurings, syndicated loans, derivatives, and structured and -particularly for infrastructure and energy matters- project finance; moreover, it enjoys a particularly strong bank-side client base. The practice also houses experts in regulatory issues, distressed debt, and the financing of acquisitions and LBOs. the department is co-led by José Miguel Carvajal, who has approximately two decades’ experience advising on significant finance deals; and Myriam Barahona, whose recent track record includes leading advice to DNB and Coöperatieve Rabobank on the refinancing of the outstanding loans of Cultivos Yadrán. With experience in insolvency, bankruptcy and restructuring matters, Rocio Vergara was hired as senior associate from the Superintendency of Insolvency in April 2021, while associate Bernardo Mora recently departed to pursue an LLM degree (but is expected to return to the firm).

Chile > Capital markets Tier 1

Morales & Besa‘s six-strong practice routinely advises on complex and innovative capital markets deals. The firm is a counsel of choice for prestigious investment banks such as Goldman Sachs and JP Morgan, while on the issuer side, the team acts for prominent domestic corporations on their major capital and debt raising processes; in addition to the capital markets group’s transactional work for underwriters and issuers, it also assists both domestic and global funds and asset managers. The broad corporate finance practice of founding partner Guillermo Morales includes domestic and cross-border capital markets transactions, debt and equity offerings, liability management transactions, IPOs and follow-on offerings; while José Miguel Carvajal has extensive experience in financing companies through the issuances of bonds and commercial paper. Notable growth during 2021 included the elevation of capital markets transactions specialist Andrea Díaz to partner, adding greater capacity to the practice, as well as the recruitment of Gonzalo Pereira from the Financial Market Commission (Chile’s securities, banking and insurance regulator) as a senior associate.

Chile > Projects and infrastructure Tier 1

Morales & Besa‘s team has longstanding infrastructure and energy sector experience, its practice scope ranging from project development, acquisition and financing matters, to contractual, regulatory and litigation issues. In addition to acting for major energy and construction industry players, the multidisciplinary group routinely assists clients from the public works and sewage water sectors with obtaining project-related authorisations and permits. The practice is led by infrastructure and energy projects specialist Carlos Silva, while Macarena Laso heads the firm’s real estate and construction team. Partner-level growth in 2022 includes the return of Aldo Cardinali (project developments) as partner from Infante Valenzuela Molina Abogados, and the elevation of energy expert Juan Carlos Valdivieso. At senior associate level, Macarena López was recruited from Molina Ríos Abogados in July 2021, and focuses on projects, construction and engineering matters; and Katannya Jablonski is an energy and natural resources, regulated markets and concessions specialist. Senior James Channing left for Hunton Andrews Kurth LLP in the US in August 2021.

Chile > Bankruptcy, insolvency and restructuring Tier 2

Housing a 13-strong restructuring and insolvency practice, Morales & Besa consistently acts for creditors and debtors in high-profile reorganisation proceedings. Representative matters include out-of-court debt restructurings, insolvency and restructuring-related litigation and arbitrations (including clawback actions), and cross-border insolvencies. In addition to her general banking and finance and project finance practice, Myriam Barahona    is increasingly active in restructuring and insolvency work, while Gonzalo Cordero    focuses on the associated contentious aspects – litigious or arbitral. Also key to the group are commercial, finance and corporate law expert José Miguel Carvajal   , and recently promoted litigation director Juan Ignacio Eymin   . Experienced in insolvency, bankruptcy and restructuring matters, Rocio Vergara   was recruited as senior associate in April 2021 from the Superintendency of Insolvency, while former fellow senior Orlando Palominos joined Lembeye Abogados in January 2022.

Chile > Corporate and M&A Tier 2

With a client base evidencing a particularly strong orientation towards infrastructure, energy, mining and construction companies, the 15-strong corporate and M&A practice at Morales & Besa routinely advises on both buy-side and sell-side private and public M&A transactions for large, medium-sized and SME clients, including strategic buyers, investment banks and private equity funds. Founding partners Guillermo Morales (whose broad practice covers private acquisition and sale transactions, public tender offers, mergers and restructurings) and Eugenio Besa (a commercial, finance, foreign investment and M&A specialist), are both pillars of the Chilean corporate market. Corporate and commercial expert Michel Diban; Macarena Laso, whose experience includes publicly-listed company mergers; and Álvaro Barriga, who is active in M&A transactions as part of a wider corporate practice, are all also highly-regarded advisors. At associate level, Vicente Valdés is the key figure, advising on M&A, divestitures and restructuring.

Energy and natural resources > Electricity and hydrocarbon Tier 2

Full-service law firm Morales & Besa fields a five-member group that is experienced in energy-related transactions (including complex PPA structures), for which it can leverage the firm’s expertise in projects, M&A and banking and finance; it also regularly assists with the regulatory side of energy transmission and generation project developments. Recent highlights saw the team advised Global Infrastructure Partners on its investment in a portfolio of renewable projects. The practice is co-led by Juan Carlos Valdivieso (a general counsel at Primer Energía until February 2020), who was promoted to partner in January 2022; and Carlos Silva, whose practice includes major energy transactions. At associate level, both Constanza Araya and Raimundo Ruiz (a February 2021 hire from Bertrand-Galindo, Barrueto & Barroilhet) assist with energy-related regulatory and transactional work.

Chile > Competition and antitrust Tier 3

With ‘a proven track record and experience in ​​antitrust‘, Morales & Besa‘s practice covers a broad range of competition and antitrust matters, including complex phase II merger-review procedures, as well as cartel litigation. The group is also developing its expertise in regulated markets, such as port concessions. Heading up the group is the former head of the FNE’s anti-cartel unit, María José Henríquez, who ‘always provides solid advice on complex issues‘. Henríquez’s recent experience includes pre-merger reviews, litigation and antitrust investigations. Key support is provided by associate Benjamín González whose practice centres on competition law and compliance matters. Former associate Claudia Arce left the firm in May 2021.

Chile > Dispute resolution: litigation Tier 3

Fielding an 11-strong commercial and civil litigation practice, Morales & Besa's recent caseload includes administrative disputes and civil liability claims, along with class actions regarding alleged construction defects and several Transparency Law-related claims. The practice is co-led by Gonzalo Cordero, a specialist in domestic and international litigation and arbitration, as well as antitrust matters; and recently promoted associate practice-director Juan Ignacio Eymin, who undertakes litigation and ADR matters involving civil, commercial, administrative and arbitration proceedings. At senior associate level, Nicolas Corbeaux is on hand for civil and commercial procedures, and arbitration. However, Orlando Palominos left the firm January 2022.

Energy and natural resources > Mining Tier 3

Morales & Besa‘s team regularly advises on mining exploration, exploitation, M&A and project finance, with its advice also extending to project development, construction, and regulatory and environmental aspects. Eugenio Besa is experienced in establishing foreign mining companies in Chile. Moreover, the January 2022 arrival of the former head of the Ministry of Mining’s Sustainable Division, Aldo Cardinali, who returned to the firm as partner from Infante Valenzuela Molina Abogados expanded the team’s partner level resources, and came in the wake of the hire of mining law-focused associate Catalina Troncoso from Bertrand-Galindo, Barrueto y Barroilhet Abogados in June 2021. However, former associate Giancarlo Camillieri joined eelaw in October 2021, director Paloma Infante M left for an in-house role in early 2022, and regulatory-specialist senior Katannya Jablonski  recently went freelance.

Chile > Environment Tier 3

Morales & Besa‘s environmental law practice routinely acts on complex environmental projects in both the public and private sector; it is particularly focused on the environmental assessment of projects, enforcement and sanctioning processes, along with environmental litigation. The group also fields specialists in public contracts, and water and mining law. Aldo Cardinali joined the environmental, mining, and natural resources department as partner in January 2022 from Infante Valenzuela Molina Abogados; and is supported by associate María Francisca Bannura, whose recent experience includes transaction-related environmental matters. Former team leader and director Paloma Infante M, senior associate Giancarlo Camillieri and associate Josefina Derpich, all departed the firm during 2021.

Chile > Real estate Tier 3

The real estate and construction practice at Morales & Besa is able to leverage expertise from the firm’s regulatory, banking and finance, tax, M&A, and energy practices. Typical real estate work includes purchases, sales, leases, financing, development, construction, zoning regulations and title review; moreover, the team is particularly experienced in infrastructure sector developments, including the real estate aspects of toll road, airport, hospital, power plant and transmission line projects. The practice of team leader Macarena Laso   covers both real estate transactions, and the structuring, acquisition and financing of public infrastructure projects. At associate level, senior Macarena López Jünemann  (a May-2021 arrival from Molina Riós Abogados), and Carolina Stalder  (formerly in-house at Inmobiliaria Los Olivos) are both noted.

Chile > Dispute resolution: arbitration Tier 4

Morales & Besa‘s 11-member practice is particularly noted for infrastructure and construction-related disputes. Recent highlights include acting for the concession holder for the operation of Santiago’s civil airport, which was impacted by the pandemic and reduced air traffic, suffering huge losses. The practice is led by Gonzalo Cordero (‘stands out for his assessment of conflicts‘), whose experience includes working in the international arbitration and trade law groups at White & Case LLP‘s Washington DC office. Primary support comes from fellow partner Juan Ignacio Eymin and senior associate Nicolas Corbeaux, both of whom have broad disputes practices that includes arbitration proceedings. Former senior associate Orlando Palominos left for Lembeye Abogados in January 2022.

Chile > Tax

Chile > Labour and employment