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Dec 4, 2024 | 
ionanalytics.com | Aline Lima |Lucy Monteiro |Ben Miller
Last-minute requests by steel conglomerate CSN in the discussions about the acquisition of InterCement’s operations led to the cement maker filing for bankruptcy protection late Tuesday (3 December), ahead of the deadline to obtain the support of the majority of creditors for an extrajudicial debt restructuring plan, according to two sources close to the matter.
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Sep 16, 2024 | 
ionanalytics.com | Lucy Monteiro |Aline Lima |Ben Miller
News (Intelligence) InterCement has filed for an extrajudicial debt restructuring in a Sao Paulo court, according to court documents. Soon after the filing, Judge Jomar Juarez Amorim granted the request, according to another court document.
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Aug 29, 2024 | 
ionanalytics.com | Fabíola Gomes |Aline Lima |Ben Miller
News (Intelligence) A group of Azul bondholders has hired PJT Partners as financial advisor and Cleary Gottlieb as legal advisor, as the Brazilian airline undergoes efforts to improve its capital structure, according to two sources familiar with the matter.
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Aug 20, 2024 | 
ionanalytics.com | Lucy Monteiro |Aline Lima |David Orbay-Graves |Ben Miller
News (Intelligence) Abra Group has reached an agreement with global investment firm Castlelake to obtain a USD 1.3bn five-year secured loan to redeem its 2028 bonds, in connection with the Gol Linhas Aereas Inteligentes Chapter 11 proceeding, according to a document seen by Debtwire and two sources close to the matter.
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Jul 16, 2024 | 
ionanalytics.com | Taylor Harrison |Aline Lima |Sara M. Tapinekis |Seth Crystall
News (Intelligence) Brazilian cement maker InterCement Brasil SA has filed for Chapter 15 relief in the US seeking recognition of insolvency proceedings in Brazil. InterCement requested a precautionary measure on Monday (15 July) from the First Bankruptcy Court of São Paulo ahead of the impending maturity of its 2024 bonds and also filed a Chapter 15 petition in the US.
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May 15, 2024 | 
ionanalytics.com | Aline Lima |Lucy Monteiro |Ben Miller
Unigel has gathered the support of creditors holding 50% plus one of the credits to be restructured needed to approve its extrajudicial restructuring plans, according to a source close to and a source familiar with the matter. The Brazilian chemical producer plans to submit new versions of the two debt restructuring plans by 21 May, according to a second and a third source close to the matter. A spokesperson at Unigel declined to comment on the matter.
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May 2, 2024 | 
ionanalytics.com | Aline Lima |Ben Miller
CSN has entered into an exclusive agreement to purchase InterCement’s operations in Brazil and in Argentina, according to two sources close to the matter. The two parties will have until mid-July to reach a final agreement, according to the first and second sources. In the meantime, CSN will conduct a due diligence process, the first source said. Officials at InterCement and CSN did not immediately respond to requests for comment on the matter.
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Mar 20, 2024 | 
ionanalytics.com | Fabíola Gomes |Aline Lima |Lucy Monteiro |Ben Miller
Light and its domestic and international bondholders are close to reaching an agreement regarding the share price to be used to convert debt into equity under its restructuring proposal, which had been one of the main obstacles in the negotiations, according to two sources close to the matter.
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Feb 23, 2024 | 
ionanalytics.com | Aline Lima |Fabíola Gomes |Ben Miller
Holders of Gol‘s (D/D) USD 367m 8% senior secured 2026 bonds are working on an alternative debtor-in-possession (DIP) financing to present to the Brazilian airline, two sources close to the matter said. The DIP will likely amount to USD 950m and have a lower cost than the USD 950m DIP financing offered by the ad hoc group of holders of the secured 2028 bonds of Abra Group, the holding company for the operations of Gol and Colombia’s Avianca.
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Feb 21, 2024 | 
ionanalytics.com | Aline Lima |Ben Miller
Unigel (RD/D) has offered two options involving new bonds to repay its creditors, with a smaller haircut for those who contribute new money, according to court documents. The restructuring plan provides for a USD 100m capital increase, and creditors will receive a 50% equity stake in exchange for the new money.
