Law firms advises on Tucano’s acquisition of Great Panther mine

Mattos Filho advised Great Panther Mining Limited, a Canadian mining company, with the sale of 100% of its Brazilian subsidiaries, Mina Tucano and Tucano Resources, to the investment vehicle of Pilar Gold, named Tucano Gold.

The target companies and Great Panther are in financial distress, and Great Panther and Mina Tucano (together with its shareholders) have filed for CCAA Proceedings in Canada and judicial reorganization proceedings in Brazil, respectively. In October 2022, Great Panther filed an assignment in bankruptcy. Mina Tucano continued its efforts to seek a comprehensive restructuring outcome in the judicial reorganization in Brazil.

The closing of the transaction occurred after its approval under the Brazilian judicial reorganization procedure, among the fulfillment of others conditions precedent. The transaction value was not disclosed.

Also participating in the transaction are Alvarez &Marsal Brazil, as financial advisor, as well as the law firms Bumachar Advogados and Pinheiro Neto Advogados, as lead co-counsels to the companies under judicial reorganization in Brazil. Pinheiro Neto Advogados was initially engaged as counsel to the parent company Great Panther and, following the assignment in bankruptcy of the parent company, it was engaged by Mina Tucano to act as co-counsel to Bumachar Advogados in the judicial reorganization proceedings.

Mattos Filho represented Mina Tucano and Great Panther Mining Limited and relied on partner Adriano Drummond Cançado Trindade (pictured left), Marcelo Sampaio G Ricupero (pictured center), associates Nathalia Beschizza, Cindy Scofano Takahashi, Isabela Ferreira Pires, Melissa Facco.

Pinheiro Neto Advogados relied on partner André Marques (pictured right) and senior associate Carolina Kiyomi Iwamoto.