{"id":88632,"date":"2024-05-02T13:08:44","date_gmt":"2024-05-02T16:08:44","guid":{"rendered":"https:\/\/murray.adv.br\/?p=88632"},"modified":"2024-05-02T13:08:45","modified_gmt":"2024-05-02T16:08:45","slug":"debt-burdened-companies-reengage-in-negotiations-with-crisis-managers","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/debt-burdened-companies-reengage-in-negotiations-with-crisis-managers\/","title":{"rendered":"Debt-burdened companies reengage in negotiations with crisis managers"},"content":{"rendered":"\n<h6 class=\"wp-block-heading has-text-align-center\"><em><strong>With restricted credit at the beginning of 2023, groups raised R$30bn from investment funds<\/strong><\/em><\/h6>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>05\/02\/2024 <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/s2-valorinternational.glbimg.com\/ox1Fuhn8PES7H6kt9fZwmwP6D3M=\/0x0:3712x2465\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_37554604729d4b2f9f3eb9ad8a691345\/internal_photos\/bs\/2024\/K\/M\/nGtDmcQo6wSMhffIvg3w\/230224danielwainstein22.jpg\" alt=\"Daniel Wainstein \u2014 Foto: Gabriel Reis\/Valor\" style=\"width:674px;height:auto\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center\"><em>Daniel Wainstein \u2014 Foto: Gabriel Reis\/Valor<\/em><\/p>\n\n\n\n<p>Companies that resorted to loans at higher rates during the credit crisis, especially from asset managers focused on stressed assets, known as \u201cspecial sits,\u201d are back at the table to refinance their debts. A survey by Seneca Evercore shows that these companies raised around R$30 billion in the first half of 2023\u201460% of the funds went to publicly-traded companies and another 40% to private companies.<\/p>\n\n\n\n<p>With the credit tap turned off at the beginning of 2023 due to the Americanas accounting fraud, companies had to take on short-term debt to gain momentum at that time. \u201cThe problem is that most of these debts have started to fall due now, and new renegotiations are taking place,\u201d said Daniel Wainstein, partner and CEO of Seneca, who has brokered for several clients in this situation.<\/p>\n\n\n\n<p>Some of these companies have started taking out expensive credit again, but not at the same rate as in the first half of last year. Mr. Wainstein said that in the whole of 2023, the companies raised around R$40 billion in total with special sit managers. \u201cThe volume was higher in the first half of the year because the credit crisis was at its peak. The scenario began to change in August last year, with a certain return to normality.\u201d<\/p>\n\n\n\n<p>For the executive, the search for expensive credit this semester should be lower since the scenario for financing on the market is currently different compared to the same period last year. \u201cIf I had to make an estimate, I\u2019d say that the volume of financing should end the semester at between R$15 billion and R$20 billion,\u201d he said.<\/p>\n\n\n\n<p>Companies such as the women\u2019s fashion retailer Marisa, the textile industry Coteminas, the petrochemical company Unigel, the health group Elfa, and P\u00e1tria are among those that have had to resort to specialized funds to ensure they have enough resources to get through 2023. The Bodytech gym chain had part of its debentures bought by the Latache restructuring fund.<\/p>\n\n\n\n<p>With the credit crunch, many retail companies had difficulties and turned to specialized funds for working capital. Marisa began a restructuring process, sold assets, and financed itself with the BTG Pactual bank\u2019s restructuring company at the beginning of the year, according to sources familiar with the business.<\/p>\n\n\n\n<p>Elfa, controlled by the P\u00e1tria fund, turned to Daniel Goldberg\u2019s Lumina for an injection of R$620 million\u2014part of which was converted into shares to give the company a boost. Sources linked to the company said that the healthcare company is refinancing its debts, but there are no significant maturities for this year. According to sources, the company should be the target of consolidation\u2014Viveo was pointed out as a potential buyer, but there are no negotiations underway at the moment.<\/p>\n\n\n\n<p>In the case of Bodytech, the company also had to restructure its debts due to the pandemic. Luiz Urquiza, one of the group\u2019s partners, says the banks decided to sell part of the debentures they held\u2014and Ita\u00fa\u2019s share was traded to Latache last year. According to Mr. Urquiza, the company repurchased these debentures from Latache in March 2024, a decision made by the partners. The chain began to extend its debentures at the beginning of last year. The bonds total R$ 170 million, of which R$70 million are held by the controlling shareholders\u2014in addition to Mr. Urquiza, businessman Alexandre Acioly is also a partner in the company. The bank debts total R$190 million. \u201cIn our case, our debate is not about survival. We are not at risk of out-of-court reorganization.\u201d<\/p>\n\n\n\n<p>In a prolonged negotiation process with creditors, Unigel\u2019s controlling shareholders continue to roll over debt with special sits\u2014and other suppliers\u2014and are still seeking new capital for the group\u2019s working capital, according to sources familiar with the matter. The petrochemical company, which signed an out-of-court reorganization agreement for debts of R$3.9 billion, has until May 20 to approve the plan, but negotiations with creditors remain challenging.<\/p>\n\n\n\n<p>Also burdened with heavy debts, Coteminas is still negotiating with Farallon\u2014the restructuring manager has invested in the company and is in discussions to negotiate debentures convertible into shares. Sources indicate that the textile company is seeking new resources with other managers specializing in stressed assets.<\/p>\n\n\n\n<p>\u201cCompanies that turn to funds or investors focused on stressed assets are in a situation that won\u2019t be resolved quickly,\u201d noted Douglas Bassi, a partner at the restructuring firm Virtus. Mr. Bassi does not share Seneca Evercore\u2019s optimism that the improved scenario could reduce the search for cheaper credit this year. \u201cWe\u2019re not seeing much activity in the capital markets. I see a lot of agribusiness companies looking to restructure, and some of them are already in a more difficult phase,\u201d he explained.<\/p>\n\n\n\n<p>For Mr. Bassi, many companies are resorting to judicial recovery. \u201cThe macroeconomic scenario over the last year has not improved to the point where these companies are recovering.\u201d S\u00e9rgio Machado, founding partner of ARC Capital, points out that for banks, high regulatory capital commitments make it nearly impossible to take on or keep credit assets on the balance sheet whose repayment scenario is based on conversion into equity. This capital ends up being provided by funds specializing in illiquid assets or bridging capital. According to Mr. Machado, given the high cost of capital in Brazil, successful restructuring processes involve monetizing assets, both operational and not, to generate liquidity for working capital and reduce liabilities.<\/p>\n\n\n\n<p>Marisa, Unigel, and Elfa declined to comment on the matter. Coteminas did not respond to requests for an interview.<\/p>\n\n\n\n<p>*Por M\u00f4nica Scaramuzzo\u00a0\u2014 S\u00e3o Paulo<\/p>\n\n\n\n<p>Source: Valor International<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>With restricted credit at the beginning of 2023, groups raised R$30bn from investment funds 05\/02\/2024 Daniel Wainstein \u2014 Foto: Gabriel Reis\/Valor Companies that resorted to loans at higher rates during the credit crisis, especially from asset managers focused on stressed assets, known as \u201cspecial sits,\u201d are back at the table to refinance their debts. A [&hellip;]<\/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":[24956,24957],"class_list":["post-88632","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-crisis-managers","tag-debt-burdened-companies-reengage-in-negotiations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Debt-burdened companies reengage in negotiations with crisis managers - 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\/debt-burdened-companies-reengage-in-negotiations-with-crisis-managers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt-burdened companies reengage in negotiations with crisis managers - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"With restricted credit at the beginning of 2023, groups raised R$30bn from investment funds 05\/02\/2024 Daniel Wainstein \u2014 Foto: Gabriel Reis\/Valor Companies that resorted to loans at higher rates during the credit crisis, especially from asset managers focused on stressed assets, known as \u201cspecial sits,\u201d are back at the table to refinance their debts. 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