Court-Supervised Reorganization
On October 4th, 2019, Enseada Indústria Naval S.A. and its parent company, Enseada Indústria Naval Participações S.A., jointly filed a petition for court-supervised reorganization based on the Federal Law No. 11,101/05 (Companies Restructuring Law). The records of the proceeding were distributed to the Judge of the 1st Business Venue of the Capital District of the State of Rio de Janeiro under No. 0248791-47.2019.8.19.0001.
ANNOUNCEMENTS AND
RELEASES
ANNOUNCEMENTS AND
RELEASES
Read the official announcements on the court-supervised reorganization process of Enseada Group.
EXTERNAL COMMUNICATION
Enseada’s Court-Supervised Reorganization Plan is approved
Rio de Janeiro, September 14, 2021 – Enseada Indústria Naval had its Court-Supervised Reorganization Plan (“Plan”) approved during the General Meeting of Creditors held on this date.
According to Maurício Almeida, CEO of Enseada, “From now on, a new stage in Enseada’s path begins, which will contribute to the development of a more competitive and sustainable national industry.” Next month Enseada will complete 10 years.
According to Ricardo Ricardi, CFO of Enseada, “The approval of the Plan is a confirmation that Enseada is on the right path. We worked tirelessly on restructuring and repositioning Enseada, and the result was the approval of a balanced and promising Plan. We have great hope for the future of Enseada.”
The approved Plan is in line with the Company’s strategic repositioning, which started to act as a large Industrial and Logistics Complex. In addition to carrying out shipbuilding & offshore construction projects, Enseada also started to provide logistics and industrial solutions for clients and partners.
The negotiation of the Plan had the support of Ferro, Castro Neves, Daltro e Gomide Advogados (FCDG) and Banco Genial. The entire process can be seen through the website https://www.enseada.com
Yours sincerely,
Maurício Bastos de Almeida
Chief Executive Officer of Enseada
Pedido de Recuperação Judicial
Enseada Indústria Nava S.A. (“Enseada”) comunica que ajuizou em 04/10, em conjunto com sua sociedade controladora Enseada Indústria Naval Participações S.A. (“Enseada Participações” e, em conjunto com Enseada, “Companhias”), pedido de recuperação judicial perante a Comarca da Capital do Estado do Rio de Janeiro, nos termos da Lei nº 11.101/05, conforme aprovado pelos órgãos societários competentes das Companhias. O pedido de recuperação ajuizado abrange R$2,3 bilhões de créditos concursais.
As Companhias continuam mantendo normalmente suas atividades, focadas no objetivo de assegurar estabilidade financeira e crescimento sustentável, preservando, assim, sua função social de garantir e gerar empregos.
A Enseada é um dos maiores investimentos da história da indústria de construção naval nacional de todos os tempos, sendo também o maior empreendimento privado do Estado da Bahia nos últimos 15 anos. A companhia já empregou mais de 9 mil trabalhadores, mas vem sendo severamente impactada por uma profunda e duradoura crise no mercado de construção naval e offshore brasileiro e pelo cancelamento de projetos em execução. Essa crise já provocou a demissão de dezenas de milhares de trabalhadores em todo o País e a paralisação das atividades de diversos estaleiros nacionais.
Desde o final de 2014, a Enseada vem envidando todos os esforços para enfrentar seus desafios empresariais e financeiros. Como parte desses esforços, a companhia apresentou, em 2017, um plano de recuperação extrajudicial visando reestruturar grande parte de seus passivos. Esse plano teve como premissa a retomada, ainda que tímida, do mercado de construção naval e offshore no Brasil ao longo do triênio 2017-2019, o que, infelizmente, não ocorreu. Tal fato foi ainda agravado por alterações de políticas públicas e flexibilização de regras de conteúdo local (que foram os grandes indutores dos investimentos realizados neste setor na última década), tendo como resultado uma queda abrupta das potenciais encomendas do setor para a indústria nacional de construção naval e offshore.
Adicionalmente, o expressivo suporte financeiro da Odebrecht nos últimos 5 anos, em uma clara demonstração de seu compromisso perante a companhia e seus stakeholders, fez com que a Odebrecht elevasse a sua participação societária na companhia de 35% para 97,25% de seu capital social. Tal readequação de estrutura societária resultou em um ambiente mais favorável para a entrada de novos investidores.
Frente aos novos desafios impostos pelo cenário apresentado e diante de fatos imprevisíveis e das recentes investidas de credores aos ativos da Enseada, a administração das Companhias, com as aprovações societárias pertinentes, concluiu que o ajuizamento de um pedido de recuperação judicial se tornou a medida mais adequada para possibilitar a implantação de uma reestruturação financeira definitiva, de forma coordenada, segura e transparente, permitindo, desta forma, a continuidade das suas atividades operacionais e de sua função social.
A Enseada manterá seus integrantes e demais partes interessadas informados sobre este assunto e divulgará oportunamente, em seu site (www.enseada.com), as informações relevantes relativas ao processamento do pedido de recuperação judicial.
Atenciosamente,
Maurício Bastos de Almeida
Diretor Presidente
Enseada Indústria Naval S.A.
COMUNICADO INTERNO
Caros integrantes,
Em respeito ao compromisso de mantê-los atualizados, agindo sempre com transparência, informo que a Enseada, em conjunto com sua controladora Enseada Indústria Naval Participações S.A., foi obrigada a ajuizar em 04/10, pedido de recuperação judicial, devido a pressões externas de alguns credores e a ações judiciais que trariam prejuízos significativos às nossas empresas.
O pedido de recuperação judicial, que visa proteger a empresa, seus integrantes, empregos e patrimônio tangível e intangível, inclusive tecnológico, não impacta as operações da Enseada e se tornou a medida mais adequada para possibilitar a implantação de uma reestruturação financeira definitiva, de forma coordenada, segura e transparente, permitindo, desta forma, a continuidade das atividades operacionais e da função social da empresa.
Como é de conhecimento geral, desde 2014, concentramos todos os esforços para enfrentar os desafios empresariais e financeiros da Enseada, decorrentes do inadimplemento contratual por parte do nosso principal cliente e de uma profunda crise setorial e econômica, fatos que impactaram severamente o plano de negócios da nossa empresa.
Como parte desses esforços, a Enseada apresentou, em 2017, um plano de recuperação extrajudicial visando reestruturar grande parte de seus passivos. Esse plano teve como premissa a retomada, ainda que tímida, do mercado de construção naval e offshore no Brasil ao longo do triênio 2017-2019, o que, infelizmente, não ocorreu. Tal fato foi agravado por alterações de políticas públicas e flexibilização de regras de conteúdo local (que foram os grandes indutores dos investimentos realizados neste setor na última década), tendo como resultado uma queda abrupta das potenciais encomendas do setor para a indústria nacional de construção naval e offshore.
Diante desse cenário, a recuperação judicial dará à Enseada as condições necessárias para reorganizar a companhia dentro de um ambiente mais seguro e transparente, permitindo a atração de novos clientes, parceiros e investidores. O nosso objetivo continua sendo a busca por uma solução definitiva e sustentável para a operação de nosso estaleiro e para o equilíbrio econômico-financeiro da nossa empresa.
Temos muito orgulho do nosso estaleiro, fruto do investimento direto de R$ 3 bilhões – considerado o maior investimento privado no estado da Bahia nos últimos 15 anos – e do esforço contínuo de nossos integrantes, que fizeram e fazem parte da nossa história, e por isso lhes agradeço por tamanho empenho.
Vocês, integrantes, são uma parte importantíssima desse processo. Estamos confiantes em que, juntos, superaremos mais este desafio.
Contamos com vocês.
Um abraço.
Maurício Bastos de Almeida
Diretor Presidente
Enseada Indústria Naval S.A.
DOCUMENTS
DOCUMENTS
Read the official documents on the court-supervised reorganization process of Enseada Group.
QUESTIONS AND
ANSWERS
QUESTIONS AND
ANSWERS
Clarify your doubts about the court-supervised reorganization process of Enseada Group.
- What is court-supervised reorganization?
Court-supervised reorganization is an instrument of legal protection for companies that are going through a financial crisis, but which can recover from it and have economically viable operations. In this process, creditors whose debt is included in the plan are invited to participate, providing the company with the necessary conditions to renegotiate its debt collectively, uniformly and transparently. In the court-supervised reorganization, which seeks to preserve the company and overcome the financial crisis, the company’s operations continue normally.
- Why did Enseada’s Group decide to seek court-supervised reorganization?
As a result of the Government policy for revitalization of the Brazilian shipbuilding industry, which led to great investments throughout the national territory in order to turn the segment more modern and competitive, Enseada implemented one of the largest private enterprises in the sector. Enseada’s shipyard, constructed in the state of Bahia, was conceived and designed to meet the demands of the O&G industry, especially those of the Brazilian pre-salt, which had required high local content’s index for exploration of its oil fields.
Nevertheless, the crisis of the Brazilian shipbuilding industry – materialized by Sete Brasil’s collapse -; the recent abrupt reductions in local content requirements, that have resulted in a significant decline in Brazilian companies’ participation in O&G projects; as well as the persistence of uncertainties regarding Brazil’s macroeconomic scenario continued to impact Enseada’s Group severely, who did not receive the revenues expected for complying with its obligations under the long-term loan for construction of its shipyard and with commitments to certain suppliers, forcing the Company to file for the court-supervised reorganization. This proceeding is intended to stabilize Company’s environment with its creditors in order to enable new contracts to be performed more securely and to create a protected and conducive atmosphere for new investors interested in Company’s assets.
- How does court-supervised reorganization work?
The request for court-supervised reorganization is filed by the company itself by submitting a series of documents and meeting certain formal requirements established by law. Once the formal requirements have been met, the judge approves the court-supervised reorganization request, i.e. the judge allows the company’s case to be analyzed by the courts. This approval has some important effects, including:
- suspension of all lawsuits and executions against the company for 180 days in order to provide the company with legal stability to negotiate with its creditors;
- start of the 60-day period for the company to submit a proposal for the reorganization plan;
- appointment of a trustee.
- What is a court-supervised reorganization plan?
The court-supervised reorganization plan is a document that details the measures to be adopted by the company to overcome its current crisis. The company presents, in its court-supervised reorganization plan, a proposal to creditors informing:
- The methods to be used to overcome the crisis – which could include renegotiating obligations, divesting assets, changing business plans, etc.;
- The terms of payment of the debts included in the reorganization;
- Analysis of the economic feasibility of the company.
The reorganization plan depends on approval of the creditors gathered at a general meeting of creditors and its approval binds all creditors affected by it, including those who vote against it, abstain from voting and/or fail to attend the general meeting.
- How is the court-supervised reorganization plan voted?
At the general meeting of creditors, all creditors, categorized according to the characteristics of their debts, meet to vote on approving the plan. The creditors are divided into four classes:
- labor dues;
- debts with security interest;
- debts without collateral (called unsecured loans);
- debts classified as micro-businesses or small businesses.
The plan is approved by the majority of the creditors of each class, taking into consideration only those present at the meeting, in which case:
- for classes (i) and (iv), the majority is considered only by the number of creditors (head count),
- for classes (ii) and (iii), the majority is considered both by the number of creditors and the amount owed to them.
- What happens after the plan is approved?
After the court-supervised reorganization plan is approved by creditors, the judge handling the reorganization must analyze the legality of the general meeting of creditors and ratify the resolution taken. From that moment, all the loans subject to the plan will be due according to the conditions stipulated in the court-supervised reorganization plan. The judge then grants the court-supervised reorganization. The court-supervised reorganization process will last two years from that decision, during which time compliance with the plan will be supervised by the courts. After the end of the court-supervised reorganization, the company must continue to comply with the reorganization plan as with any other agreement, if it envisages obligations that fall due after the conclusion.
- Who is the bankruptcy trustee and what does he do?
The trustee is an individual or legal person appointed by the judge responsible for the court-supervised reorganization to help him in conducting the process. The main functions of the trustee are:
- to inspect the operations of the companies under court-supervised reorganization;
- to verify the list of creditors;
- to preside over the General Meeting of Creditors;
- to oversee compliance with the reorganization plan.
The bankruptcy trustee does not perform any function of managing the company’s operations. The bankruptcy trustee starts his activities immediately after the request for court-supervised reorganization is approved.
- Is court-supervised reorganization a form of bankruptcy?
No, quite the opposite. The court-supervised reorganization is based on the assumption that the crisis that the company is going through is temporary and that it has the conditions to overcome it if its debts are renegotiated. As such, its objective is to enable the company overcome the difficult moment and continue to operate. Bankruptcy, on the other hand, considers that the company is no longer economically viable and, therefore, adopts measures to liquidate all the goods, assets and production resources in an organized manner.
- How are labor dues treated in a court-supervised reorganization?
Law establishes a period of up to one year from the ratification of the plan at the general meeting of creditors to settle labor dues.
- What is the difference between an Out-of-Court Reorganization (RE) and a Court-Supervised Reorganization (RJ)?
In the case of Out-of-Court Reorganization, the plan is filed in court with the consent and signature of creditors representing more than 60% of the debts listed. After the request is filed, there is a period for other creditors to present their appeals. Once these appeals are resolved, the plan is ratified. Its effects cover all groups or classes of creditors, including those who initially failed to join the plan.
In the case of court-supervised reorganization, the company presents a series of documents and meets certain formal requirements established by law. Once the formal requirements have been met, the judge approves the court-supervised reorganization request, i.e. the judge allows the company’s case to be analyzed by the courts. This approval has some important effects, including: (a) suspension of all lawsuits and executions against the company for 180 days in order to provide the company with legal stability to negotiate with its creditors; (b) start of the 60-day period for the company to submit a proposal for the reorganization plan; (c) appointment of the trustee.
While approving the request for court-supervised reorganization, the Judge appoints a trustee for the process. In out-of-court reorganizations, the appointment of a trustee is not envisaged.
- Who are the creditors of Enseada’s Group?
The majority of creditors of the companies included in the court-supervised reorganization are financial agents and creditors from Drillship Project and from the construction of the shipyard, but there are also suppliers of goods and services from other projects and corporate creditors.
- What is the updated amount of debts included in the court-supervised reorganization?
The request filed amounts to R$ 2,3 billion in debts subject to the procedure.
- What is the current cash position of Enseada’s Group?
The company has sufficient cash to maintain the operations and commitments undertaken towards team members, suppliers and current partners.
- How will the court-supervised reorganization affect the company’s operations?
In a court-supervised reorganization, which seeks to give continuity to the company by overcoming the financial crisis, the company’s operations continue normally.
- Who are the company’s financial and legal advisors in this case?
Brasil Plural – financial advisor
Ferro, Castro Neves, Daltro & Gomide Advogados – legal advisor