The Cinel Group, owner of Gocil, one of the largest private security companies in the country, as well as others in the agribusiness business, had its judicial recovery plan approved. The decision took place at the meeting of creditors held on Friday, 21. The debts reach R $ 1.7 billion.
More than half of all debt (58.82%, or R $ 1 billion), consists of agribusiness receivables certificates (CRA) and strokes related to agribusiness companies. The Cinel Group has productive lands with rice, corn, soy, sugar cane and cattle crops.
Judicial recovery also included the name of Gocil founder Washington Cinel as a rural producer.
Gocil’s debt is R $ 280 million, 75% of which are chirographs (which have no real guarantee).
The largest creditors of the Cinel group are Banco do Brasil (R $ 370 million) and BNB (R $ 136 million).
The request for judicial recovery of the Cinel Group was submitted in October 2023 to the São Paulo Court of Justice (TJ-SP). At the time, the group justified the decision alleging increased interest rates and impacts of the pandemic on the business. The request for recovery, according to Cinel, aimed to preserve 70,000 jobs and ensure the continuity of services.
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Plano
According to the group, the capitalization work for debt payment has begun, including selling real estate and other assets. “There is a lot of demand for the group’s land, especially those of the Northeast (Maranhão), whose value pays most of the debt. The founder and his family have already agreed with the terms of discharge in the judicial recovery records,” says a statement issued by the Cinel Group.
Another front was the capture of R $ 75 million in loans with BTG Pactual in the DIP (Debtor-in-Possion) mode, with authorization from creditors. This value may be higher to face other needs to pay off commitments. The financing has a period of three years to be equated.
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In 2024, the group’s revenues exceeded R $ 1 billion. With this, the company already aims to expand its scope and start offering services in the area of sanitation (treatment and measurement of water, sewage, associated technologies) and infrastructure (public lighting, concessions and others).
Trajectory
Gocil was founded by Washington Cinel 40 years ago and is one of the main security companies in Brazil.
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Its origin dates back to the time when Cinel, a former agente and then a member of the Military Police, was assigned to investigate an attack in Bauru, which led to hiring the security of the Globo network affiliate in the city. The company started with only 7 vigilantes and expanded to over 20,000 employees.
In addition to Gocil, Washington Cinel diversified his business. The entrepreneur also owns Cinel Alimentos, which bought the legal bud in 2018.
It also has rice production in Paraguay and is a cattle breeder, with Brangus Brazil, as well as leasing lands for sugarcane production in the Bauru region.
