Machado, Meyer, Sendacz e Opice Advogados is advising Brazilian poultry and frozen food producer Perdigão on its restructuring.
The company's board of directors gave approval to start the process' second phase at a shareholders' meeting on 27 November.
Machado Meyer partner Eliana Chimenti, says, "The transaction is part of a corporate restructuring involving Perdigão and some of its subsidiaries, and will result in the simplification of the corporate structure of Perdigão group and reduction of costs and operating expenses."
The restructuring includes a partial split of subsidiary Perdigão Agroindustrial, with Perdigão assuming direct control of the spilt off portion. This includes investments in several subsidiary companies, as well as debt obligations.
Says Chimenti, "No major legal issues arose from the transaction, since it involves only wholly owned subsidiaries, without capital increase or exchange of shares."
She says the firm is seeing a marked increase in restructuring work at the moment. "Some publicly held company are simplifying their corporate structures,' she explains.
But she does not hold the economic downturn fully responsible for this tendency. "The main reason, however, in my view is not the financial crisis, but internal purposes, like synergies to be obtained, reduction of costs, fiscal efficiency," she adds.
Counsel to Perdigão
Machado, Meyer, Sendacz e Opice Advogados
Partners Celso de Paula F da Costa and Eliana Ambrósio Chimenti and associate Joana Paula Cardozo
DT
(Latin Lawyer, 01.12.2008)
