Odebrecht Loses Control Of Atvos In Court, One Of Brazil's Largest Ethanol Producers

Odebrecht Loses Control Of Atvos In Court, One Of Brazil’s Largest Ethanol Producers

Written by Flavia Marinho

Published on 27/11/2020 at 11:05

Odebrecht perde em segunda instância, na justiça, para os fundos norte-americanos Lone Star e Castlelake o controle da produtora de etanol Atvos

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Odebrecht Loses In Appeal In Court To American Funds Lone Star And Castlelake The Control Of The Ethanol Producer Atvos

After a judicial battle, the court gives the green light to funds Lone Star and Castlelake to gain control of Atvos, one of the largest ethanol producers in Brazil. Atvos was in judicial recovery. Looking for a job? Offshore and onshore jobs for RJ and ES have been announced by oil and gas company KEMPETRO Engenharia

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Last Wednesday (11/26), the São Paulo Court of Justice (TJ-SP) ruled in favor of the American fund, ensuring the transfer of shares acquired by Lone Star, which, according to the fund, will grant the right to control the sugar-energy company Atvos, owned by the Odebrecht group.

The denied appeal ensures the validity of the sale of shares for US$ 5 million by Natixis bank. Thus, Odebrecht must deliver the corporate books so that the share transfer can be recorded and the fund takes definitive control of Atvos.

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The ethanol producer continues its judicial recovery plan; under the plan, control of Atvos may go to other creditors, mostly banks that have subscription bonuses granting them control. Under the new management, since the plan was approved in May, there has already been work on selling Atvos to other groups.

Atvos filed for judicial recovery in May 2019, citing R$ 12 billion in debts. Lone Star, with US$ 40 billion in assets under management globally, controls a vehicle called LSF10Brazil, one of the indirect investors in the Terra Nova Bioenergia Investment Fund and Multi-Strategy, represented by Planner Trustee. When contacted, Lone Star, Castlelake, and Atvos did not comment.

Odebrecht Will Sell Participation In Petrochemical Braskem

Odebrecht announced that it will sell its entire stake in the petrochemical company Braskem, a producer of thermoplastic resins. The news was announced through a document sent to the Securities and Exchange Commission (CVM).

Braskem stated in its communication that “ODB [Odebrecht] has initiated preparatory acts to structure a private divestment process for up to the totality of its ownership stake in the Company, through the necessary measures to organize a process of this nature, with the support of legal and financial advisors.”

In addition to Odebrecht, another shareholder of Braskem, Petrobras had already stated that it would sell its stake in the company.

Odebrecht Loses Control Of Atvos In Court, One Of Brazil’s Largest Ethanol Producers

Odebrecht Loses In Appeal In Court To American Funds Lone Star And Castlelake The Control Of The Ethanol Producer Atvos

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Odebrecht Loses Control Of Atvos In Court, One Of Brazil’s Largest Ethanol Producers

Odebrecht Loses In Appeal In Court To American Funds Lone Star And Castlelake The Control Of The Ethanol Producer Atvos

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Tire road? Thousands of shredded tires were secretly placed under a ramp in California, preventing a one-year delay in a project on weak soil and supporting a 26-foot-high structure in a corridor connected to I-880.

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