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Viralcool Assumes Exploration of Usina Furlan Unit for R$ 150 Million in DIP Financing Operation within Reorganization.
The Usina Furlan announced the sale of its unit in Avaré (SP) to the group Viralcool for R$ 150 million, as part of the judicial reorganization process initiated in June 2025.
The operation, approved by the courts on the 10th, will be carried out through DIP Financing, a mechanism that allows the company to raise funds using assets as collateral.
The objective is clear: to pay strategic creditors and reduce tax debts while reorganizing the company’s liabilities.
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Headquartered in Santa Bárbara d’Oeste (SP), the company is betting on the creation of a Isolated Productive Unit (UPI) in Avaré to enable the transaction.
This measure was authorized by the 1st Regional Business Court and Related Arbitration Conflicts, which also set rules for monitoring the financing.
Judicial Reorganization Boosts Strategic Sale of Usina Furlan
The sale occurs at a critical moment for the judicial reorganization of Usina Furlan.
By resorting to DIP Financing, a common tool in corporate restructuring, the company gains immediate access to new capital, as long as it has judicial approval.
In practice, this model allows the company to use an asset as collateral to raise funds.
In the case of Usina Furlan, the Avaré unit was the asset chosen to support the operation with Viralcool.
Judge José Guilherme Di Rienzo Marrey highlighted the need for transparency.
“The recovering companies must submit the documentation related to the financing to the court immediately after the agreement.
Additionally, they must present standardized monthly reports to facilitate monitoring and ensure traceability of the funds,” he noted.
What Involves the Isolated Productive Unit in Avaré
The structure that will give rise to the Isolated Productive Unit includes a sugar-energy mill and the farms Cantão do Rio Pardo and Cascata.
Together, the areas total approximately 2,300 hectares, with 1,800 hectares being productive.
The estimated harvest capacity is 200,000 tons of sugarcane.
Therefore, it is a relevant asset within the São Paulo sugar-energy sector.
With the formalization of the operation, Viralcool will begin to operate the UPI in exchange for R$ 150 million and a monthly payment to Usina Furlan for the right to use.
Meanwhile, the unit will be put up for sale on the market.
The expectation is that the final market value will be up to four times higher than the amount of financing.
If Viralcool does not succeed in the future sale process, it will have priority on the list of creditors outside the judicial reorganization to recover the invested amount.
Destination of Resources in Judicial Reorganization
The R$ 150 million obtained through DIP Financing will initially be allocated to the payment of four extrajudicial creditors — that is, those outside the judicial reorganization.
These debts total R$ 157.5 million. However, the creditors have agreed to receive lower amounts, provided that the settlement occurs by early March.
Among them are a mill from Marapoama (SP), with a credit of R$ 48.5 million, two investment funds (R$ 85 million and R$ 8.5 million), and a securitization company owed R$ 15.5 million.
The company’s defense underscored the importance of the operation.
Billion-Dollar Debt and Ongoing Negotiations
According to the process, Usina Furlan has accumulated a total debt of R$ 550.9 million.
This amount includes labor debts, rural guarantees, unsecured credits, and business obligations.
Of this total, R$ 219.3 million will be negotiated within the judicial recovery plan.
The proposals include installments over up to 15 years and a possible discount of up to 90%, depending on the creditor category.
Thus, assemblies for discussing the plan are scheduled for the 4th and 18th.
Therefore, the operation with Viralcool emerges as a key component to strengthen the company’s financial position ahead of the deliberations.
Judicial Recovery as a Survival Strategy
Thus, by structuring the business through DIP Financing and creating an Isolated Productive Unit, Usina Furlan aims to preserve part of its operations, maintain jobs, and regain credibility in the market.
On the other hand, Viralcool expands its presence in the São Paulo sugar-energy sector, taking on the operation of an asset with significant appreciation potential.
In this way, the operation represents a decisive move for the future of Usina Furlan, which now depends on the final approval of the plan and the consolidation of the UPI sale to complete its financial restructuring.
See more at: Usina Furlan will sell Avaré unit to Viralcool for R$ 150 million
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