Souto Correa, Galdino & Coelho, and Freire, Assis, Sakamoto, and Violante Advogados (FASV) helped the Brazilian group Ecovix to get the approval of the amendment to the judicial reorganization plan to restructure 8 billion reais worth of debt.
Ecovix faced economic and financial difficulties and filed for judicial reorganization in the Court of Rio Grande do Sul Estate in December 2016, with a total debt close to BRL 8 Billion. In July 2018, the group’s reorganization plan was approved by a General Meeting of Creditors. The reorganization plan was confirmed by the Court in August 2018.
Souto Correa, FASV, and Galdino assisted Ecovix in the presentation of an amendment to the Judicial Recovery Plan and in the negotiations that resulted in the approval of this amendment at the General Meeting of Creditors. Now, this amendment allows the company to diversify its business model and honor the payment of servants.
As the Ecovix Group’s judicial recovery is the eighth largest in the country, the complexity of the deal arises from a large amount of creditors and value involved, which demands a well-structured team to harmonize the interests of creditors in the reorganization plan and get its approval by the General Meeting of Creditors.
Souto Correa advised Ecovix and relied on partners Luis Felipe Spinelli (pictured left) and associate Gabriela Mânica Passos.
The company was also represented by FASV that relied on partner Alexandre Gereto Judice de Mello Faro (pictured center left) and Galdino & Coelho with partners Gabriel Rocha Barreto (pictured center right) and Filipe Guimarães (pictured right).