Debtwire Brazil Forum

September 21, 2017 | Hotel Unique, Sao Paulo

Welcome to Debtwire's annual Brazil Forum

After enduring a tumultuous three years the Brazilian economy and business climate appear to be on a long road to recovery. Many once blue-chip companies are in the midst of restructuring their operations and balance sheets, including CSN, Odebrecht, while others, such as Oi, are in drawn-out court processes. Additionally, President Michel Temer is pushing Congress to pass reforms in the public pension system, social security and place caps on government spending, which could have huge implications for Brazil's economy.

Please join the Debtwire team and esteemed panelists discuss Brazil's outlook over the next 12 months and assessment of some its most contentious restructurings.

Agenda

*Please note, this event will be conducted in Portuguese.

Registration & Breakfast

Opening Remarks

Strategy Session - State Of Highly Visible Restructurings and Overcoming Bankruptcy Code Hurdles

Emerging from a nasty recession many Brazilian companies are still trying to turnaround operations and balance sheets, but recalcitrant creditors have slowed progress. For instance, telecom giant Oi continues to work with its creditors and shareholders over changes to its restructuring plan after many stakeholders disliked its initial version. Also, foreign creditors have encountered several difficulties in Chapter 11 & 15 proceedings of Brazilian firms, such as the contentious asset transfer OAS proposed that creditors unsuccessfully appealed.

Delegates will listen to panelists discuss Brazil's most pressing corporate restructurings and negotiations.

  • Identifying creditors' perceptions of "deficiencies" in chapter 11 and 15 proceedings involving Brazilian cross-border restructurings.
  • What precedent did the Sao Paulo State Court of Justice set when it ruled in favor of Schahin's restructuring plan, over creditor objections, citing "labor" and "economic" grounds?
  • Examining stakeholder reaction to Oi's restructuring plans and potential impact on negotiations.
  • Discussing Samarco's prospects for restarting operations and reaching an agreement with creditors.
  • Is QGOG Constellation's bondholder agreement enough to resolve liquidity concerns?
  • Considering Odebrecht Oil and Gas's filing for the seldom-used "Extrajudicial Recovery" process. Will other out-of-court restructurings follow suit?
  • Determining which recent proposed amendments to reorganization law are most relevant and forecasting impacts on restructuring process.
  • How can Judicial Recovery procedures be adjusted to shorten drawn-out lender negotiations that contribute to further deterioration in debtors’ financial position?

  • Speakers
    - Cristiana Ferraz, Partner - Head of Financial Restructurings, STS GAEA Capital
    - Fabiana Balducci, Director, Credit Suisse
    - Leonardo Coelho, Managing Director, Alvarez & Marsal
    - Marcelo Mifano, Executive Director - Special Situations/Turnaround Financing, Banco BTG Pactual
    - Rafael Fritsch, Partner and CIO for all Credit Funds, Canvas Capital
    - Arthur Almeida, Legal Analyst, Debtwire (moderator)

Coffee Break

Perspectives on Brazil's Uncertain Corporate Recovery

Brazil's fragile recovery still faces great uncertainty with the path forward obscured by upcoming elections in 2018. While the current administration has pressed reform around spending, pensions and regulation, it appears such initiatives are not as bold as originally advertised. That will leave the next administration plenty of work to do. However, in any political scenario market observers are expecting an economic recovery to materialize. The question becomes how will management teams take advantage of opportunities during the next cycle? Furthermore, what standard operating procedures and strategies can be improved based on lessons executive leaders learned from the recent economic crisis?

Panelists will discuss the risks and opportunities in sectors that have yet to emerge from Brazil's recession and impact from legislative reforms. Discussions will include but not be limited to:

  • Is the worst behind the O&G and construction sectors as the Lava Jato investigations wind down?
  • Assessing progress of President Temer in pushing through reform legislation and the potential impact on economy.
  • How will the 2018 election outcome impact markets, reforms and Brazil's recovery?
  • If the economy returns to strong growth, what industries will recover more quickly than others?
  • How will companies increase efficiencies, productivity and cost containment to become more competitive?
  • What key changes will companies need to implement in order to take advantage of opportunities during the next cycle?
  • Analyzing creditors' and investors' comfort level with various "improved" companies who faced stress last year.
  • Examining the prospects of Rio de Janeiro and other states with large debt burdens.

  • Speakers
    - Andre Guilherme Pereira Perfeito, Chief Economist, Gradual Investimentos
    - Eduardo Sampaio, Managing Director, Alvarez & Marsal
    - Luciano Sobral, Economist, Banco Santander
    - Aline Lima, Reporter, Debtwire (moderator)

Conclusion Of Event

*Agenda is subject to change

Lead Sponsor

Co-Sponsor

Venue details

Hotel Unique
Av. Brigadeiro Luís Antônio
4700-Jardim Paulista
São Paulo - SP, 01402-002, Brazil
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