selected cases
For 17 years, we have been successfully planning and implementing complex and iconic projects in corporate change, mergers and acquisitions, restructuring and crisis management. Click on the boxes below to know a bit more about our activities
ENEVA | judicial recovery, debt restructuring and debt conversion

business

Former MPX Power utility, originally part of Eike Batista’s X-Group

challenge

Analyzing, planning and implementing the debt restructuring

renegotiated debt

R$ 10.5 billion (US$ 3 billion)

project

Defining the strategy and renegotiating the debt restructure with banks and suppliers, initially in an out-of-court process and, subsequently, in a judicial recovery process

results

/ Reduction of 60% of Eneva holding’s debt and reprofiling of the remaining debt balance (4- and 8-years grace period for interest and principal, respectively)

/ Bilateral renegotiation of the operational subsidiaries’ debt

/ Capital increase of R$ 3.0 billion

/ Judicial Recovery Plan approved by more than 80% of Eneva’s creditors

/ Fastest company to ever exit Judicial Recovery status (1 year after plan’s approval)

GRUPO LIBRA | judicial recovery and debt restructuring

business

One of Brazil’s most important logistics operators

challenge

Implementing the company restructuring, maximizing proceeds from the sale of assets for debt payment

renegotiated debt

R$ 1.8 billion

project

Negotiation with Grupo Libra’s creditors, in the context of a judicial recovery, aiming to maximize the sale price of one of its assets and, consequentially reducing bank debt in its totality

results

/ With the sale of the asset, creditors accepted an average haircut of 65%

/ In the Judicial Recovery Plan, bank debt had a reduction close to 100%

ETERNIT | judicial recovery and debt restructuring

business

Market leader in the roofing industry, also acting on the bathroom fittings and construction solutions industries

challenge

Implementing the debt restructuring through a Judicial Recovery, seeking alignment between the interests of multiple creditors and the company’s needs

renegotiated debt

R$ 250 million

project

Defining the strategy and renegotiating the debt profile with creditors in a Judicial Recovery process

results

/ Judicial Recovery Plan approved by more than 90% of Eternit’s creditors

/ Debt reprofiling, with approximately 85% of maturity over 8 years

/ Installment paid with company’s operating cash flow (15% of debt) under favorable conditions to the company: 1.5 years of full grace period and amortization of small amounts over the first years

COTIA | judicial recovery and debt restructuring

business

Traditional trading company in the Brazilian market

challenge

Implementing the debt restructuring through a Judicial Recovery, aligning the interests of multiple creditors

renegotiated debt

R$ 1 billion

project

Implementing a Judicial Recovery process after the attempt to negotiate with multiple creditors bilaterally. At the same time, negotiating with a syndicate of creditors of a subsidiary company with out-of-court credits

results

/ Debt reprofiling to 15 years, with over 50% of the debt allocated in a bullet installment

/ Installment paid with the company’s operating flow in favorable conditions to the company: 1 year of total grace and amortization of small amounts over the first years

/ Agreement with the syndicate, allowing for the continuity of the subsidiary company

PARMALAT | judicial recovery, mergers and acquisition, interim management and ”organized exit"

business

Food & beverage business focused on milk and derivatives with revenues of R$ 1.3 billion

challenge

Coordinating the restructuring process in Brazil, aiming for the Group’s organized exit from its investments in the country: Parmalat Alimentos and Parmalat Participações

renegotiated debt

R$ 4 billion

project

Restoration of operations and implementation of operational improvements; reestablishing of control and renewal of managerial structure; solution to judicial interventions; return to a cash positive situation and sustainable growth; debt renegotiation

results

/ Approval of the first Judicial Recovery Plan in Brazil

/ Resumption of the business units’ activities, operational improvements and cost reduction

/ Sale of Etti to Monte Cristalina and of Batávia to Perdigão

/ Strengthening of the Board (4 independent members and 3 Íntegra partners)

/ Coordination in the Company’s capitalization and sale processes

/ Organization/Management of relationship with creditors

/ New shareholders took the Company’s control with sufficient working capital and a financial debt restructuring from R$ 4 billion to R$ 150 million

INFINITY | mergers and acquisitions, judicial recovery and DIP financing

business

Agribusiness Group with operations in the Sugar and Ethanol industry, with daily milling capacity of 5 million tons of sugar cane in Brazil

challenge

Analyzing, planning and implementing the debt restructuring and raising funds

renegotiated debt

R$ 1.1 billion

project

Coordination and development of Group Infinity’s Judicial Recovery Plan; debt negotiation with banks, suppliers and other creditors; advisory in the restructuring and renegotiation of Group Infinity’s liabilities in Bermuda; M&A mandate for the sale of assets or equity

results

/ Approval of the Judicial Recovery Restructuring Plan

/ 32% debt reduction, from R$1.1 billion to R$750 million

/ DIP (debtor-in-possession) Finance of R$ 20 million from creditors

/ M&A Operation: capitalization of Infinity with the acquisition of a 70% stake by Grupo Bertin

DADALTO | judicial recovery, debt restructuring and mergers and acquisitions

business

Retail and construction chains Dadalto and D&D, with relevant presence in the state of Espírito Santo

challenge

Debt restructuring with many creditors, seeking to mitigate impacts on financial subsidiary Da Casa, owned by the same shareholders

renegotiated debt

R$ 300 million

project

Defining the strategy and negotiating the debt with banks and suppliers, both under the judicial recovery process and with out-of-court credits, including institutional investors from a real estate operation

results

/ Judicial Recovery debt renegotiated to 13 years (duration of 9 years), with interest at TR + 0.5% p.y.

/ Out-of-court negotiation of a real estate operation with 50% reduction of the monthly installments, involving institutional investors: Caixa Econômica Federal, Banestes, etc.

/ Structuring and sales negotiation of an IPU (Isolated Productive Unit) involving D&D’s operations though a judicial auction, with the winner being BR Home Center (Tendtudo and Casa Show)

X COMPANY | non-judicial debt restructuring

business

Fashion retail group, with own plant and distribution network within Brazilian territory

challenge

Debt renegotiation in the holding and in a subsidiary, contributing to the subsidiary’s sale process

negotiated debt

R$ 900 million

project

Initial analysis leading to financial modelling preparation; analysis of the Group’s adequate capital structure; mapping of relevant assets; leading of negotiations with creditors

results

/ Company maintained its production capacity and operation

/ Extension of debt terms, with principal and interest graces, and amortization profile concentrated in the final installments

/ Value added through the subsidiary’s debt renegotiation, with potential of increasing the profit of its sale

SANTA ISABEL | debt restructuring and debt conversion

business

Agribusiness group operating in the sugar and ethanol industry, with capacity of processing 30 thousand tons of sugarcane per day

challenge

Analyzing, planning and implementing the debt restructuring

renegotiated debt

R$ 500 million

project

Negotiation the company’s bank debt terms (longer maturities and cost reduction)

results

/ Renegotiation of debt with banks

/ Suitability of debt amortizations to the Company’s cash generation capacity

/ Improvement of the capital structure

/ Restoration of the Company’s capacity of new investments

ISOLUX | payment agent

business

Spanish group in the construction sector undertaking infrastructure projects such as highways, towers and power lines

challenge

Payment of Judicial Recovery creditors using funds from liquidity events through bank accounts of third party aside from debtors, allowing greater legal and financial security for creditors

operation

R$ 40 million

project

Íntegra acted as the payment agent, intermediating transfers to creditors through a bank account owned by Íntegra, under the terms and deadlines defined in the approved Judicial Recovery Plan

results

/ Feasibility of the Judicial Recovery Plan approval, with this structure as a precondition for the favorable vote of the largest creditors

/ Payments according to the amounts and terms stipulated in the approved plan

RENUKA | interim management

business

Agribusiness Group in the sugar and ethanol industry, with milling capacity of 10.5 million tons of sugar cane

challenge

Implementing improvements in financial and management controls

project

To improve financial management processes and accuracy, and to create standard financial reports for local management and company’s headquarters in India; implementation of a budget model with long-term projections; implementation of a daily cash flow report to correctly manage funds

results

/ Implementation of upgrades in the company’s financial controls

/ Development of new financial models to allow mid and long-term views of the company’s projected financial results

/ Development of daily cash flow reports to improve the treasury department’s cash management capabilities and to support senior management and the company’s headquarters in their decision-making processes

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