Tauil & Chequer Advogados contributed to completing Out-of-Court Restructuring of Grupo Unigel

The Unigel Group, one of the largest chemical companies in Latin America and the largest national producer of nitrogen fertilizers, earlier this month has completed its out-of-court reorganization proceedings (similar to a pre-pack), which began in February 2024 and involved the restructuring of BRL 5 billion in debt.
The restructuring was implemented by converting the debt into new financial instruments, such as bonds and Brazilian debentures. Additionally, BRL 600 million of new funds were raised.
The Restructuring and Bankruptcy practice of Tauil & Chequer Advogados associado a Mayer Brown, led by partner Liv Machado and with the collaboration of associates Aline Sanches and Sofia Nielsen, advised The Bank of New York Mellon, in its capacity as trustee for the bondholders, on the negotiations, representing claims of approximately BRL 3 billion.
The firm's participation also included cross-border matters in the process of recognizing the effects of the out-of-court reorganization in the United States (Chapter 15 of the Bankruptcy Code) and advising on the debt conversion through the issuance of new restructured notes, for which BNY also acted as trustee.