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27/02/2009 - Brazilian firms aid creditors in court switch
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Published 27 February 2009
Three law firms have won a motion for creditors wishing to have a meat processor’s reorganisation proceedings moved to a São Paulo court.
On 10 February, the Court of Nova Monte Verde - in the western state of Mato Grosso - ruled that the judicial reorganisation of Grupo Arantes should be moved to São José do Rio Preto in the state of São Paulo, where the company is headquartered.
TozziniFreire Advogados is representing creditors Santander, ABN Amro Real and Merrill Lynch in the proceedings.
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The other creditors are Brazil's Bradesco - retaining Arruda Alvim e Thereza Alvim - and Deutsche Bank, represented by Wald e Associados Advogados. Arantes is being advised by Advocacia De Luizi.
Arantes applied for judicial reorganisation in Nova Monte Verde in January. It is the fifth beef-processing company in Brazil to apply for such proceedings since the end of 2008. The creditors are seeking to recover an estimated 1.5 billion reais (US$632 million).
Arantes may appeal the decision.
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Counsel to Deutsche Bank
Wald e Associados Advogados
Partners Alexandre de Mendonça Wald, Ivo Waisberg and André de Luizi Correia
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Fonte: LatinLawyer Online
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