Tauil & Chequer Advogados provides counsel to BNY regarding the approval of Grupo OEC's judicial reorganization plan

Tauil & Chequer Advogados in association with Mayer Brown advised the Bank of New York Mellon (BNY), in its capacity as Trustee for the bondholders, at the general meeting that approved the judicial reorganization plan of Grupo OEC, the construction and engineering company of Novonor (formerly Odebrecht). After extensive negotiations, in a meeting that lasted approximately 9 hours, more than 90% of the creditors approved the plan, which includes the restructuring of approximately US$ 5 billion in debts.
Grupo OEC's debt is primarily composed of debt securities (bonds), and the bondholders were critical to the approval of the company's reorganization proposal.
The advisory was led by partner Liv Machado, from the Restructuring and Bankruptcy practice, and included the participation of associates Aline Sanches and Sofia Nielsen. BNY represented significant and crucial credit in the negotiations, amounting to approximately US$ 4 billion.
The judicial reorganization plan is subject to approval by the court of the 2nd Court of Bankruptcy and Judicial Reorganizations of the Central Forum of São Paulo/SP. Subsequently, it is expected that proceedings will be initiated in the United States to validate the effects of the judicial reorganization plan (Chapter 15).