After more than 12 hours of discussions with creditors, Agrogalaxy () was able to approve its judicial recovery plan with the support of 82.4% of voting credits.
According to the company’s CEO Eron Martins, the construction of the agreement required a series of adjustments made throughout the assembly, which ended at dawn on Thursday (10). “We always seek to listen to the supplier and understand which adaptations were possible without compromising the plan,” said the executive on Thursday during a press conference.
One of the main negotiations involved Banco do Brasil, the company’s largest individual creditor, with R $ 391 million to receive. According to Gustavo Salgueiro, agrogalaxy lawyer, the bank even requested the postponement of the vote for 30 days, alleging lack of time to evaluate the changes filed earlier this month.
The proposal was rejected by the majority of those present – 1,136 votes against, 79 in favor and 23 abstentions. After that, the bank decided not to convert its credits to the company’s stock, choosing to receive traditional long -term debentures.
Another last minute change, according to Salgueiro, was the inclusion of a dollar payment modality, limited to up to $ 45 million. The objective was to meet foreign suppliers, especially multinational, whose matrices require foreign currency contracts. For Eron Martins, the alternative was possible because the company already has part of its dollar revenues in some operations, which, in its words, creates a “natural hedge” – that is, automatic compensation between revenues and expenses in the same coin, avoiding negative impacts of currency variations.
The assembly also formalized a special category of creditors, called “partner creditors” – suppliers who kept deliveries even after the request for judicial recovery and supported the proposal. For this group, more favorable conditions were established: full payment, without discount, with two years of grace and total period of ten years for discharge. Recognition was included in the final text of the plan, according to Salgueiro, as a way of preserving strategic trade relationships.
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During the meeting, representatives of Santander and the Louis Dreyfus Company (LDC) trading also asked for clarification on the sale of a due -debt portfolio that will be structured as an isolated productive unit (UPI). Doubts concerned the value of credits, cash impact and rules of sale. According to Salgueiro, the answers were provided along the assembly and included in the final version of the plan.
With the approval, the plan will be sent for approval by the 19th Civil and Environmental Court of Goiânia. The court decision must be issued in the coming weeks. Meanwhile, the company is consolidating the adjusted debt data based on the payment options chosen by each lender.
