Brazilian wind turbine blade maker Aeris said on Wednesday that it had filed for an out-of-court restructuring at the 3rd Bankruptcy and Judicial Reorganization Court in São Paulo. The plan aims to restructure R$1.52 billion in debt, the company said.
The proposal covers debts without real or fiduciary collateral, while excluding potential claims arising from the operational supply of goods and services. Aeris said creditors holding 42.18% of the claims covered by the plan have already agreed to it, a share above one-third.
The company aims to secure support from more than half of the creditors representing more than half of the covered claims within 90 days. That level of approval is required for the plan to be ratified by the court, Aeris said.
In a filing with Brazil’s Securities and Exchange Commission, the company said the plan followed negotiations intended to adjust its capital structure and reduce leverage while continuing blade production and preserving jobs, tax revenue and commercial relationships tied to its operations.
Founded in 2010, Aeris went public on the B3 stock exchange in November 2020, raising R$1.13 billion at the time. The company was established by former Embraer engineers and received investment from businessman Alexandre Negrão, founder of pharmaceutical company Medley, who serves as Aeris’s CEO.
Sources: Folha Mercado.