Felsberg advises Moreno Group that opens ways to end judicial reorganization

Felsberg Advogados advised the Moreno Group; Pinheiro Guimarães Advogados and Santos Netos Advogados was also involved in this deal

The Moreno Group announced the payment of creditors and the anticipation of the fulfillment of its judicial recovery plan. The company financed about 40% of its R$ 1 billion debt with financing from Quadra Capital, used its own resources, thanks to the good results of the 21/22 harvest, to pay another 40%, and paid the remaining 20% of the anticipation of exports with the commercial company Sucden.

In view of the plan’s compliance and payment of creditors, the Moreno Group is now restructured, with an EBITDA of R$900 million and good prospects for the year 2022.

The DIP (debtor-in-possession) financing operation is allowed for companies undergoing judicial rehabilitation, which already have a plan approved or under discussion by the creditors. During the receivership, the Moreno Group proceeded normally with its activities and ended the 20/21 harvest crushing more than nine million tons of sugarcane, resulting in a production of 694 million tons of sugar (crystal and VHP) and more than 372 million liters of ethanol (anhydrous and hydrous).

Felsberg Advogados had a team led by partner Fabiana Solano (pictured left) in partnership with partners Maria da Graça Pedretti, Thomas Felsberg and Tatiana Guerra, and lawyers André Drumon, Anne Gasques, Lucas Ruggeri and Ronaldo Santos.

Quadra was advised by Pinheiro Guimarães Advogados and relied on partners Fábio Yanitchkis Couto (pictured center), Guilherme Vaz; Bernardo A. C. Cunha; associates Frederico Mocarzel and Danny Malka.

Sucden was advised by Santos Neto and relied on partners Domicio Santos Neto (pictured right), Fernando Bilotti Ferreira, Frederico Favacho and associate Paula Santos.