Debtwire Brazil Forum

September 2017 | Tivoli, 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 recover. 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

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 consisting of 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 it on "labor" and "economic" grounds?
  • Examining stakeholder reaction to Oi's recent restructuring plans and potential impact on negotiations?
  • Discussing Samarco's new business plan and odds for brokering deal with bondholders.
  • Exploring the construction industry in a post-Odebrecht world.
  • Analyzing creditors' and investors' comfort level with various "improved" companies who experienced distressed situations this time last year.

Coffee Break

Perspectives on Brazil's Economic Prospects

Looking to avoid the mistakes of the past, Brazilian President Michel Temer is addressing huge structural challenges in order to achieve economic growth. Arguably, the most pressing reform right now is an amendment to the Constitution to limit government spending while the second reform would address a generous pension and social security system. On a local level, officials have explored privatization of assets, such as the sale of water and sewage utility Cedae, and a reduction in bureaucracy and regulations.

Panelists will discuss the impact of regulatory and spending reform proposals while addressing specific sector forecasts.

  • Assessing progress of President Temer in pushing through reform legislation and potential impact on economy.
  • How will the 2018 election outcome impact markets, reforms and Brazil's recovery?
  • Determining which recent proposed amendments to reorganization law are most relevant and forecasting impacts on restructuring process.
  • If the economy slips into recession again, what industries will be hardest hit?
  • Examining the prospects of Rio de Janeiro and other states with large debt burdens.
  • Reviewing relevant metrics such as currency exchange rates, inflation, CPI, cost of capital, corporate profits and margins.

Conclusion Of Event

*Agenda is subject to change
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