Regional news: Brazil

Rio-based electric utility submits new reorganisation plan in Brazil

After months of negotiations with creditors, Brazilian utility company Light has put forward updated proposals to deal with its debt pile and says it will seek recognition in the US if it gets court approval.

28 February 2024

Brazilian petrochemicals group files dual restructuring plans, preps US recognition filing

Brazilian and international firms have helped one of Brazil’s largest chemical producers and four of its subsidiaries enter agreements with creditors led by US investment firm PIMCO for a US$781 million extrajudicial reorganisation via two plans.

26 February 2024

Judge Costa launches boutique firm after 25 years on the bench

After sitting on the bench in Brazil for a quarter of a century, Judge Daniel Carnio Costa has stepped down and tells GRR he is establishing his own boutique firm in São Paulo and Brasilia.

07 February 2024

Mercon secures landmark recognition in Brazil, seeks Dutch protection

Global coffee trader Mercon Coffee has secured first-of-its-kind recognition of its Chapter 11 bankruptcy in Brazil, as a moratorium application the group has made under the WHOA procedure in the Netherlands is set to be heard next week.

05 February 2024

“The devil is in the detail”: Brazilian lawyers sceptical of new bankruptcy rules

Lawyers in São Paulo tell GRR that new bankruptcy rules proposed by Brazil’s government earlier this month are a good first step, but they need to be fleshed out before they will fulfil their aims of making liquidation processes more efficient, reducing litigation and giving creditors greater control.

31 January 2024

Brazil's OSX Group enters judicial recovery again

OSX, the shipping, oil and gas group founded by Brazilian-German businessman Eike Batista, has entered judicial recovery for the second time, after completing a nine-year debt restructuring in 2022.

26 January 2024

Milbank and Dechert advising as Brazilian airline GOL files Ch11

Brazilian airline GOL Linhas Aéreas Inteligentes has filed for bankruptcy in New York after securing a US$950 million debtor-in-possession financing package from a bondholder group.

25 January 2024

Creditor-led Restructuring Plans: A Brazilian Perspective

Featured in Americas Restructuring Review 2024

16 January 2024

Netherlands-headquartered coffee trader Mercon files Ch11 in New York

Global coffee trader Mercon Coffee has sought Chapter 11 protection in New York so it can sell its assets and wind down, with plans to launch secondary proceedings in Brazil and the Netherlands.

11 December 2023

Allegedly fraudulent data company files Ch15 in Florida

The Brazilian judicial administrator of a São Paulo-based data processing company accused of running a crypto pyramid scheme has applied for Chapter 15 recognition in Miami in an effort to help it examine witnesses and track down assets.

06 December 2023

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