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15/05/2009 - Carrefour buys distressed assets in Brazil
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The world's second-largest retailer, Carrefour, is to expand its position in the Brazilian market with the partial buyout of troubled supermarket chain Gimenes.
The US$29 million deal, agreed on 13 May, will see Carrefour acquire 10 of Gimenes's 22 stores, with the rest to be bought by São Paulo-based grocery chain Ricoy.
Carrefour is taking counsel from Pinheiro Neto Advogados in the deal, while Ricoy is using Wald e Associados Advogados. Gimenes is represented by Felsberg, Pedretti, Mannrich e Aidar Advogados.
"Gimenes's creditors approved a binding offer by Carrefour and Ricoy," says Pinheiro Neto associate André Vertullo Bernini. "But implementation of the transaction depends on certain conditions being fulfilled, including creditor approval of Gimenes's judicial reorganisation plan, contribution of assets and due diligence."
Gimenes filed for judicial reorganisation in December and was forced to close its stores in February, laying off 1,700 employees. 80 per cent of staff are expected to be rehired under the deal.
Pinheiro Neto also helped Carrefour acquire the Atacadão wholesale hypermarket chain in 2007, making the French group Brazil's largest retailer.
Counsel to Carrefour
• In-house counsel - Antonio Alberti Neto
• Pinheiro Neto Advogados
Partner Marcos Chaves Ladeira and associates André Vertull Bernini and Giuliano Colombo
Counsel to Associação Ricoy
• Wald e Associados Advogados
Partners Ivo Waisberg and Guilherme Carramaschi de Araújo Cintra
Counsel to Gimenes
• Felsberg, Pedretti, Mannrich e Aidar Advogados
Partners Thomas Felsberg and Joel Luís Thomaz Bastos
Fonte: Latin Lawyer
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