{"id":99641,"date":"2026-08-19T12:22:09","date_gmt":"2026-08-19T15:22:09","guid":{"rendered":"https:\/\/murray.adv.br\/?p=99641"},"modified":"2026-08-19T12:22:09","modified_gmt":"2026-08-19T15:22:09","slug":"debt-deals-fall-short-as-more-companies-seek-court-protection","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/debt-deals-fall-short-as-more-companies-seek-court-protection\/","title":{"rendered":"Debt deals fall short as more companies seek court protection"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"title\">\n<h6 class=\"content-head__title\" style=\"text-align: center\"><em><strong>Casas Bahia, InterCement, Unigel and St. Marche are among businesses seeking broader restructuring after earlier agreements with creditors<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-08-19T06:23:41.624-03:00\">08\/19\/2026\u00a0<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body ready cropped\">\n<article>\n<div class=\"no-paywall\">\n<div class=\"row medium-uncollapsed content-media content-photo\" data-block-type=\"backstage-photo\" data-block-id=\"0\">\n<div class=\"mc-column content-media__container\" data-image-display=\"normal\">\n<div class=\"content-media-container\" style=\"text-align: center\">\n<figure class=\"content-media__figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-media__image aligncenter\" src=\"https:\/\/s2-valorinternational.glbimg.com\/525EScm9n9_NzXBsA1eW3p07iSs=\/0x0:1548x936\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_37554604729d4b2f9f3eb9ad8a691345\/internal_photos\/bs\/2025\/w\/M\/VOOF5ATxqajLA5ICEfMQ\/foto28emp-101-marche-b13.jpg\" alt=\"St. Marche is among the companies that turned to court-supervised restructuring after an earlier out-of-court debt agreement \u2014 Foto: Divulga\u00e7\u00e3o\" width=\"655\" height=\"396\" \/><figcaption class=\"content-media__description\"><em>St. Marche is among the companies that turned to court-supervised restructuring after an earlier out-of-court debt agreement \u2014 Photo: Divulga\u00e7\u00e3o<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\"><\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"41\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Out-of-court restructuring has gained traction in Brazil as a faster, less costly way for companies to renegotiate debt. But a growing number of businesses are finding that the relief provided by such deals is not enough to keep them afloat.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Casas Bahia, InterCement, Unigel and St. Marche are among the companies that later turned to court-supervised restructuring in search of a broader overhaul. The companies declined to comment.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"18\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Restructuring specialists expect more cases to follow as high interest rates remain in place for an extended period.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"64\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The latest example is Casas Bahia, which filed for court-supervised restructuring on Sunday (16), with R$17.3 billion in debt, just over two years after renegotiating R$4.1 billion through an out-of-court process. That agreement extended maturities and lowered financing costs and, at a later stage, led to the conversion of about R$1.5 billion in claims held by lenders Bradesco and Banco do Brasil into shares.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"27\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Even so, continued losses and difficulty generating cash kept pressure on the electronics and furniture retailer, eventually pushing it toward the more comprehensive restructuring confirmed this week.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"3\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>A growing shift<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"47\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">A survey prepared for Valor by the Brazilian Out-of-Court Restructuring Observatory (Obre) identified 35 cases since 2005 in which companies moved from an out-of-court restructuring to a court-supervised process, with such cases becoming more frequent in recent years. In six instances, the original proceeding itself was converted.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"62\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Juliana Biolchi, a director at Obre, said Brazil\u2019s corporate restructuring law imposes waiting periods on successive restructuring filings but does not prevent a company from seeking court protection after an out-of-court proceeding. Because out-of-court agreements typically cover only part of a company\u2019s liabilities, Biolchi believes more businesses could take that route if their cash position shows the first measure was not enough.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"50\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">A restructuring specialist who asked not to be identified said companies have increasingly limited out-of-court proceedings to financial creditors, leaving suppliers and employees outside the deal. That reduces their ability to carry out deeper operational changes when such measures are needed to put the business back on a sustainable footing.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"42\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In cases such as Casas Bahia, where the company needs to rethink the business, close stores and cut jobs, the cost of those measures may ultimately require court-supervised restructuring. \u201cOften, the company\u2019s problem is not just its financial debt,\u201d the source said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"47\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The debate has become more relevant as out-of-court restructuring grows more popular in a corporate environment marked by persistently high interest rates, tight credit and greater difficulty refinancing debt. Financing costs erode cash generation and leave highly leveraged companies with less room to restore their investment capacity.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"63\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The figures illustrate the growing use of the tool. From January through July this year, 43 out-of-court restructuring petitions were filed, involving 163 companies and 11,737 creditors, Obre data show. The cases filed in just seven months amount to slightly more than 13% of the 328 proceedings the organization has identified since 2005, when the current Bankruptcy and Corporate Reorganization Law took effect.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"18\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In July alone, seven new petitions were filed, involving 63 companies, 1,016 creditors and R$9.6 billion in debt.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Narrower scope<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"66\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In an out-of-court restructuring, a company negotiates directly with specific groups of creditors and then submits the agreement for court approval. Because the plan can be limited to certain portions of its liabilities, the process tends to cause less disruption to suppliers and customers and less damage to the company\u2019s reputation. It is generally chosen when key creditors are still willing to support a negotiated solution.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"60\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">A reform of Brazil\u2019s Bankruptcy and Corporate Reorganization Law, approved in late 2020 and in force since January 2021, made the mechanism easier to use. Companies can now file a petition with the initial support of creditors representing at least one-third of the claims covered by the plan and are given 90 days to reach the threshold required for approval.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"33\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">One expert who asked not to be identified said out-of-court restructuring offers many advantages and that attempting to resolve a crisis through the mechanism is considered worthwhile even if it ultimately proves insufficient.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"44\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Lu\u00eds Caldas, a partner at restructuring consultancy \u00cdntegra, said the initially private negotiations reduce a company\u2019s exposure. By the time its difficulties become public, the business already has a plan approved by a majority of creditors or backed by a significant share of them.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">That advantage, Caldas said, comes with a narrower reach. Out-of-court restructuring generally focuses on selected classes of creditors, does not cover tax liabilities and can include labor claims only through collective negotiations with the relevant union.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"24\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Broader protection<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"61\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The move to court-supervised restructuring usually comes when the relief secured under the first agreement is no longer enough to support the financial overhaul, particularly if operating conditions continue to deteriorate, Caldas said. If a company concludes that it will be unable to honor the agreement and begins facing new enforcement actions or cash freezes, a court-supervised process provides broader protection.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"44\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The so-called \u201cstay period\u201d generally suspends for 180 days lawsuits and enforcement proceedings involving claims subject to the restructuring. The process also covers a wider range of liabilities, including labor claims, and allows companies to seek specific installment arrangements or settlements for tax debt.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"39\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The trade-off is a more expensive and time-consuming proceeding, with a greater impact on the company\u2019s reputation and its commercial and financial relationships. There is also a period of uncertainty between the filing and approval of the restructuring plan.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"28\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Unlike an out-of-court proceeding, a company cannot simply choose a limited number of liability classes to restructure.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">*By\u00a0Fernanda Guimar\u00e3es\u00a0\u2014 S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Casas Bahia, InterCement, Unigel and St. Marche are among businesses seeking broader restructuring after earlier agreements with creditors &nbsp; &nbsp; &nbsp; 08\/19\/2026\u00a0 St. Marche is among the companies that turned to court-supervised restructuring after an earlier out-of-court debt agreement \u2014 Photo: Divulga\u00e7\u00e3o Out-of-court restructuring has gained traction in Brazil as a faster, less costly way [&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":[27094,27093],"class_list":["post-99641","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-companies-seek-court-protection","tag-debt-deals-fall"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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