Dias Carneiro Advogados, Mattos Filho Advogados, Demarest Advogados, Clearly Gottlieb, CA Advogados and Padis Mattar Advogados advised on DIP financing to Clealco Açúcar e Álcool S.A. – Em Recuperação Judicial, one of the largest sugar and ethanol group, in the State of São Paulo.
The transaction concluded on May 18, involved obtaining a loan, via DIP financing, of approximately R$ 260 million for debt restructuring, as well as the constitution of new guarantees.
The funds were obtained from the issuance of debentures subscribed by the Credit Opportunities Fund I Credit Rights Investment Fund and Copa V Master Multistrategy Equity Investment Fund.
The resources of the DIP Finance shall be fully used to pay the UPI Creditors, as restructured by Clealco’s plan of reorganization (plano de recuperação judicial). Czarnikow Group acted as financial advisor to Clealco and held an strategic position on the deal.
Dias Carneiro has advised two investment funds managed by a partnership between Itaú Asset Management and Almagestum Capital (an independent advisory firm that specializes in complex corporate reorganizations, founded by former partners of RK Partners), and by Copa Investimentos and relied on lead partner Gustavo Junqueira (pictured left), partners Antônio Amendola, Laura Bumachar, Paulo Leme, Paulo Afonso Tavares Rodrigues, counsel Pedro Malvezzi de Araújo and associates Fernanda Savorelli Melhem, Faiçal Cais Filho, Luiza de Munno, Caroline Costa da Silva and Julie Maciel Rozani.
Mattos Filho Advogados advised Clealco and relied on partners Rodrigo Arthur Egual de Carvalho (pictured center left), Raphael Saraiva, associates Lucas Cavasin de Souza, Henrique Kasai and Guilherme Fadigas Souza de Oliveira.
Demarest Advogados advised Czarnikow Companies and relied on led partners Guilherme Fontes Bechara (pictured center), Joao Paulo Minetto, Thiago Giantomassi, partner Roberto Casarini and associates Fausto Muniz Miyazato Teixeira, Gabriel Broseghini, Giulia Maia Bonadio, Ingrid Harumi Mukaida Chen, Lucas Schiavon.
Cleary Gottlieb (NY counsel to Czarnikow Group) relied on counsel Jonathan Mendes de Oliveira and associate João Guilherme Thiesi da Silva.
CSA Advogados advised Itaú and Santander and relied on partners Ricardo Amorim (pictured center rignt) and associate Elias Feijó.
Padis Mattar Advogados advised to Bank of America (Bofa) and relied on partner Renata Veloso (pictured right) and lawyers João Victor Carvalho de Barros, Bruno Siciliano, João Pedro Nascimbeni, César Rizzo, Natalie Signorelli.