On December 3, 2024, Grupo Mover petitioned for its reorganization before the Court of the 1st Court of Bankruptcy and Reorganization of the District of São Paulo/SP (Case No. 1192002-34.2024.8.26.0100) to restructure its financial liability, which reach R$ 29.2 billion (roughly USD 5 billion).
In summary, Grupo Mover stated that, before filing for reorganization, it had attempted to renegotiate part of its liability via Provisional Remedy No. 1111483-72.2024.8.26.0100, with a subsequent request for approval of its workout, which was initiated aiming at
- protecting the Group’s Debtors from foreign creditors holding Bonds (“Ad Hoc Group”), as the group had already filed request for the bankruptcy of some Mover Group companies outside Brazil, and
- allowing negotiation between the Claimants and certain creditors.
In this matter, the execution stays and the suspension of actions filed against Grupo Mover, relating to credits related to provisional remedies (“stay period”), was granted, and the sale of the “Intercement Companies” was thought of. However, the workout approval request was denied due to the filing of actions by its creditors, including the filing of a new bankruptcy petition against IC Financial, by members of the Ad Hoc Group in the Netherlands.
In this scenario, considering that the stay period ends on December 17, 2024, the Intercement Group filed for the reorganization to request (i) it be processed jointly in relation to all the Applicants; (ii) all ongoing actions and/or executions against the Debtor be suspended; and (iii) any form of retention, stay enforcement, liens, , sequestration, search and seizure and judicial or extrajudicial restraint of assets owned by the Debtors be prohibited.
On December 5, 2024, the petition for the reorganization of Grupo Mover was approved, as was the appointment of Deloitte Touche Tohmatsu Consultores Ltda. as trustee.
The Debtors have already presented their list of assets, in which they listed several goods, making it possible to negotiate the sale of assets and include such a sale in the Reorganization Plan to be presented directly to Mover Group, including the sale of the entire company.