T&C participates in the out-of-court reorganization by the Unigel
Tauil & Chequer Advogados participated in the conclusion of out-of-court reorganization by the Unigel Group, one of the largest chemical companies in Latin America and the largest national producer of nitrogen fertilizers. The conclusion was at the beginning of the month the out-of-court reorganization process, which began in February 2024 and involved the restructuring of R$5 billion in debt.
The reorganization operation was implemented by converting the debt into new financial instruments, such as bonds and debentures. In addition, R$600 million in new funds were raised.
The Restructuring and Bankruptcy practice of Tauil & Chequer Advogados in association with Mayer Brown, led by partner Liv Machado (pictured), with the work of associates Aline Sanches and Sofia Nielsen, advised The Bank of New York Mellon on the negotiations, as Trustee of the bondholders, representing relevant credit in the amount of approximately R$ 3 billion.
The firm’s participation also involved monitoring the process of recognizing the effects of the out-of-court reorganization plan in the United States (Chapter 15) and advising on the Brazilian aspects of debt conversion through the issuance of new restructured notes, in which BNY Mellon also acted as agent.
