{"id":88362,"date":"2024-04-24T11:13:57","date_gmt":"2024-04-24T14:13:57","guid":{"rendered":"https:\/\/murray.adv.br\/?p=88362"},"modified":"2024-04-24T11:13:58","modified_gmt":"2024-04-24T14:13:58","slug":"ig4-shows-interest-in-acquiring-control-of-unigel","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/ig4-shows-interest-in-acquiring-control-of-unigel\/","title":{"rendered":"IG4 shows interest in acquiring control of Unigel"},"content":{"rendered":"\n
Investment in the distressed company would be linked to equity dilution of Slezynger family<\/em><\/h6>\n\n\n\n

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04\/24\/2024 <\/p>\n\n\n\n

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Asset manager IG4 has made a bid to take over Unigel, Valor has learned. The negotiations hinge on the willingness of the Slezynger family to relinquish control of the chemical company and accept equity dilution, sources indicate.<\/p>\n\n\n\n

Talks began three months ago and have progressed in recent weeks, people familiar with the matter say.<\/p>\n\n\n\n

With debts amounting to R$3.9 billion, the company finalized an agreement with creditors on the final details of an out-of-court reorganization plan ratified in February. It has until May 20 to secure the simple majority support of the creditors involved in the restructuring and ensure the plan\u2019s execution.<\/p>\n\n\n\n

According to a source, even if the agreement is concluded, Unigel\u2019s restructuring merely postpones the company\u2019s debt issues without addressing the core problem. A significant equity injection and relinquishment of control by the family would be necessary for a comprehensive restructuring of the group. IG4 is reportedly ready to participate in the business restructuring.<\/p>\n\n\n\n

When approached, Unigel said that it is not negotiating the sale of the control. \u201cThe family has owned Unigel for about 60 years and has no intention of leaving the business,\u201d the company said. IG4 declined to comment on the matter.<\/p>\n\n\n\n

The family has enlisted the expertise of businessman Pedro Wongtschowski, a minority shareholder and former chairman of energy giant Ultrapar, to lead the company\u2019s restructuring amid financial challenges.<\/p>\n\n\n\n

Mr. Wongtschowski could advise the group from the board\u2014a position he held at Unigel about a decade ago during a period of substantial debt due to expansion investments and acquisitions in Brazil and Mexico, as the company was navigating another severe financial crisis.<\/p>\n\n\n\n

Mr. Wongtschowski\u2019s role will be that of an adviser, though it is not yet clear if he will actually take a position on the company\u2019s board. The businessman was also being considered for the CEO position, but consensus has not yet been reached. Mr. Wongtschowski\u2019s entire career is linked to the Ultra group\u2014he was a close aide to the late Paulo Cunha, the group\u2019s leader for 25 years.<\/p>\n\n\n\n

Henri Slezynger, the group\u2019s founder, continues to lead the board of directors while one of his sons, Marc, serves as deputy chairman. Currently, two of the five board seats are vacant.<\/p>\n\n\n\n

From January to September of last year, the company posted a net loss of R$1 billion. Net revenue totaled R$4.11 billion, a 45% decrease compared to the previous year, and the adjusted operating result (EBITDA) was negative at R$276 million, compared to a positive R$1.65 billion a year earlier. The company has yet to release its fourth-quarter financial statement, which was scheduled for early April.<\/p>\n\n\n\n

*Por Ta\u00eds Hirata, M\u00f4nica Scaramuzzo\u00a0\u2014 S\u00e3o Paulo<\/p>\n\n\n\n

Source: Valor International<\/p>\n\n\n\n

\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

Investment in the distressed company would be linked to equity dilution of Slezynger family 04\/24\/2024 Asset manager IG4 has made a bid to take over Unigel, Valor has learned. The negotiations hinge on the willingness of the Slezynger family to relinquish control of the chemical company and accept equity dilution, sources indicate. Talks began three […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[24911,24910],"class_list":["post-88362","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-control-of-unigel","tag-ig4"],"yoast_head":"\nIG4 shows interest in acquiring control of Unigel - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/ig4-shows-interest-in-acquiring-control-of-unigel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IG4 shows interest in acquiring control of Unigel - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Investment in the distressed company would be linked to equity dilution of Slezynger family 04\/24\/2024 Asset manager IG4 has made a bid to take over Unigel, Valor has learned. 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