What are the main reorganization mechanisms adopted by Brazilian companies undergoing judicial reorganization?/Quais os principais mecanismos de reorganizacao adotados pelas empresas brasileiras em recuperacao judicial?

• Published in: Revista Brasileira de Financas Vol. 20; no. 4; p. 113
• Main Authors: Grossert, Ricardo Risso, Brunais, Vinicius Augusto, Neto, Humberto Gallucci, Sampaio, Joelson
• Format: Journal Article
• Language: Portuguese
• Published: Sociedade Brasileira de Financas 01.10.2022
• Subjects: Brasil
• ISSN: 1679-0731

This paper seeks to analyze the main reorganization mechanisms adopted by Brazilian companies in corporate reorganization according to article 50 from the bankruptcy law. A documental analysis has been done using a sample of 622 corporate reorganization plans from 2006 to 2018. Through descriptive analysis, tests of differences between means and proportions and logistic regression, we found that asset sales are the companies' primary means of reorganization. Debt renewal operations, mergers, and acquisitions are also widely used in corporate reorganizations. Finally, we verified a positive relationship between debt level and the use of reorganization means that constitute a new injection of financial resources in the company, such as mergers, capital increases, sale of assets, and the issue of securities. Keywords: Judicial recovery; Reorganization; New bankruptcy law; Asset sale. JEL Code: G33, G34. Este artigo analisa os principais meios de reorganizacao adotados pelas empresas em recuperacao judicial no Brasil a luz do artigo 50 da lei judicial coletados entre 2006 e 2018. Por meio de analise descritiva e com a utilizacao de testes de diferenca entre medias e proporcoes e regressao logistica, encontramos que a venda de ativos e um dos principais meios de reorganizacao adotados pelas empresas. Operacoes de renovacao de dividas, fusoes e aquisicoes tambem sao bastante utilizadas nas estrategias de reestruturacao. Por fim, aferimos relacao positiva entre divida e a utilizacao de meios de reorganizacao que constituem nova injecao de recursos financeiros na empresa, como fusoes, aumento de capital social, venda de bens e emissao de valores mobiliarios. Palavras-chave: Recuperacao judicial; Reorganizacao; Meios de reestruturacao. Codigo JEL: G33, G34.