Unigel chemical group completes its international restructuring

Unigel Participações S.A. (Unigel) and specific subsidiaries have successfully completed a cross-border restructuring with a debt burden of over USD 800 million. This has resulted in new investments, bonds, convertible bonds and Dutch depositary receipts for shares in Unigel’s Dutch parent company. Unigel is one of the largest chemical companies in Brazil, holding a leading position in the production of special chemicals, fertilisers and plastics in Latin America.

The restructuring was completed on 30 January 2025, after two Brazilian extrajudicial restructuring plans (the EJ plans) submitted to the São Paulo Court had been approved. The US Bankruptcy Court for the Southern District of New York recognised the EJ plans in the US Chapter 15 recognition proceedings.

Houthoff advised Unigel on the restructuring. The team included Frédéric Verhoeven, Paul de Vries, Jeroen Vossenberg, Jeroen van Mourik, Juan Vervuurt, Philippe Stille, Noah Graves, Davine van der Heijden, Marijn van Horen, Thomas de Rave, Thomas Boekhout, Sabine Gerlofs, Stijn Verhoeven, Elise Heikens, Jasper Dekens and Bram Zeelte. Houthoff worked together with Felsberg Advogados and Weil, Gotshal & Manges.