Weil advised Unigel Participações S.A. (Unigel) and certain of its subsidiaries in a successful cross-border restructuring of over $800 million of indebtedness, resulting in new money proceeds to Unigel of $100 million and the issuance of 13.5%/15% first-lien senior secured PIK toggle notes due 2027, depositary receipts representing equity in Unigel’s parent company (HoldCo), 11%/12% second-lien senior secured PIK toggle notes due 2028, and junior 15% participating titles due 2044.
Unigel is one of the largest chemical companies in Brazil, holding a leading position in the production of specialty chemicals, fertilizers and plastics in Latin America. The restructuring was consummated on January 30, 2025, following the confirmation of two extrajudicial reorganization plans filed with the 2nd Bankrutpcy State Court for the São Paulo District of the State of São Paulo (the EJ plans). The U.S. Bankruptcy Court for the Southern District of New York granted recognition of the EJ plans under chapter 15 of the U.S. Bankruptcy Code.
The Weil team was led by Restructuring partner Kelly DiBlasi, Capital Markets Co-Head Alexander Lynch and partner Michael Stein and included Restructuring counsel Furqaan Siddiqui and associates Christiana Johnson and Resilda Karafili; Capital Markets associates Joseph Hahn and Eric Wissman; and Banking & Finance partner Heather Viets and associate Solomon Leung.
