RESTRUCTURING AND INSOLVENCY

The Restructuring and Insolvency team provides support to debtors and creditors involved in judicial and extrajudicial reorganizations, bankruptcy proceedings and extrajudicial liquidations (such as those of cooperatives). The team also provides services regarding debt restructuring, negotiations with debtors and creditors (such as financial institutions, suppliers and trade unions) and credit recovery, besides having relevant experience handling operations involving distressed assets. The members of the team have expertise providing consultancy on how to deal with companies facing economic and financial distress in a more efficient manner.

“The ‘highly committed’ and ‘professional’ team at Souto Correa Cesa Lummertz & Amaral Advogados combines extensive geographic coverage in Brazil with considerable experience representing international clients”. (Legal 500)

“Founding partner Gilberto Deon Corrêa Junior of Souto Correa is singled out as a very prestigious lawyer in the Southern region of Brazil. Sources describe him as ‘a client-oriented practitioner who is always looking after their best interests’”. (Chambers and Partners)

“‘Very respected and capable lawyer’ Gilberto Deon Corrêa Junior centres his practice on M&A, bankruptcy and corporate restructuring mandates. One satisfied client states: ‘His technical input during negotiations is crucial for us to remain secure during the closing of successful deals.’” (Chambers and Partners)

 

Recent representations

■ Representation of a Brazilian shipbuilding group in its judicial reorganization, which is the 4th biggest lawsuit in the restructuring area in Brazil and involves more than 1,400 creditors and liabilities over than BRL 7.000.000.000,00;

■ Legal assistance to an international financial institution in pursuing the recovery of a credit of more than USD16.000.000,00 from a Loan Agreement due by a group of companies in the field of agricultural industry, which is in judicial reorganization;

■   Counselling to Brazilian energy companies in the renegotiation of EPC Contracts for the implementation and operation of five wind farms in the city of Trairi, State of Ceará, and the O&M Contract executed with an Indian energy group, given its failure to comply with its contractual obligations, which also has filed for voluntary bankruptcy;

■ Representation of a leading Chinese state-owned company in the staple grain and oil industry in its attempt to collect soybean or the equivalent amount in cash from one of the biggest Brazilian cooperatives in extrajudicial liquidation, due to a purchase agreement of 583,000 soybean sacks, with an advance payment of USD10.000.000,00, which the cooperative failed to honour;

■ Advice to an agribusiness company in the negotiation of a debt with another company in judicial reorganization, involving an amount of approximately BRL50.000.000,00, which results from the supply of agricultural inputs and the purchase of soybean;

■ Assistance to one of the main manufacturers of agricultural machines and equipment in Brazil in the implementation of a restructuring of labour debts, involving a total amount of approximately BRL70.000.000,00 related to more than 600 labour claims;

■ Representation of a foreign bank in the due diligence and subsequent negotiation of a credit held against an economic group in economic stress. The representation included the negotiation of real estate assets and in debt collection;

■ The firm acted as counsel to a publicly-held company in Europe which belongs to the world’s leading group provider of on-road load handling equipment, in the acquisition of a loader crane business production unit from a company under judicial reorganization.