The Firm recently represented Unigel Participacoes S.A. and its affiliates in connection with the financial restructuring of $334.1 million debt due to financial institutions including Banco do Brasil, Citibank, Deutsche Bank, HSBC, Itau and Santander. The restructuring involved converting foreign exchange contracts and pre-export financings into new pre-export financings due 2021. The pre-export financings are secured by first-priority liens on industrial facilities and equipment as well as on export receivables.

Unigel is the leading acrylics and styrenics company in Latin America, in terms of production capacity, producing a diversified portfolio of chemical, petrochemical and plastic products, fertilizers and packaging materials in 12 production sites in Brazil and Mexico. 

The Simpson Thacher team for the transaction included Jaime Mercado, Alan Brenner, Thiago Spercel, Geoffrey Thompson, Gustavo Silva Cano, Karen McClendon (Corporate); and Jonathan Cantor and Joseph Tootle (Tax).