Brazil: Demarest e Almeida Advised Eduardo Queiroz Monteiro On Debt Restructuring
Last Updated: 21 February 2013

Article by Antonio Giglio, Renato Buranello and Kristian Olaf Olsen


Summary of Transaction

Demarest advised debt restructuring of Brazilian sugar and ethanol producers Zihuatanejo do Brasil Açúcar e Álcool S.A., ("Zihuatanejo"), S.A. Leão Irmãos Açúcar e Álcool ("Leão"), of Group Eduardo Queiroz Monteiro, involving Callao Partners, Ltd. ("Callao"), as Lender, Crecera Finance Management Company Llc. ("Crecera"), as Agent, Zihuatanejo Investments Ltd. ("Zihuatanejo Investments") and Brazil Ethanol Participações S.A. ("Brazil Ethanol"), as Intervening Parties and Saca S.A. Sociedade de Açúcar e Álcool ("Saca"), Kelbe Participações Ltda ("Kelbe") and Mr. Eduardo de Queiroz Monteiro, as Guarantors, amouting US$ 34 million.

January 17, 2012


The deal is part of a coordinated effort by Callao, through its agent Crecera to rearrange, in a suitable way, outstanding debts arising from agribusiness loans, notably to sugar and alcohol producers. A strong security package was structured in order to reinforce collateral, including two fiduciary liens over industrial and rural properties and CPR's (agribusiness bonds representing the obligation to deliver agricultural products, which can alternatively be liquidated in cash).

From the Borrowers' perspective the deal ensures a more feasible and realistic repayment schedule with a number of incentives (mainly interest-related) in case the Borrowers anticipate outstanding amounts.

All firms Involved

Demarest e Almeida Advogados
Piauhylino Monteiro Sociedade de Advogados

Lawyers acting in transaction

Antonio Giglio (Partner)
Renato Buranello (Partner)
Kristian Olaf Olsen (Associate)

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Press Releases from this Firm
Recent Content from this Firm
By Carlos Eduardo Marino Orsolon, Joao Almeida, Rodrigo Damazio Ferreira, Victor Bovarotti Lopes
By Ana Carolina Botto Audi, Thiago Giantomassi, Thiago Rodrigues Maia
By Julia Davet Pazos, Tatiana Campello, Fernanda Quental Peres
By Renato Canizares, Marcus Brumano
By Celso Caldas Martins Xavier
By Lucas Tavares Bueno
By Antonio Giglio Neto
By Cássia Pizzotti, Ivan H. Nogueira Lima
By Mauro Ernesto Moreira Luz
By Mauro Ernesto Moreira Luz
Font Size: