ICTSI Takes Over Brazil Terminal

After obtaining all required regulatory approvals, International Container Terminal Services Inc. (ICTSI) has officially taken over a container terminal in Rio de Janeiro City’s port. The company has reached a deal with Boreal Empreendimentos e Participações S.A. to acquire 100% of the shares of Libra Terminal Rio S.A. (Libra Rio). According to ICTSI, the purchase price was approximately BRL 740 million (US$ 197 million).

In July 2018, ICTSI signed a share purchase agreement with Boreal Empreendimentos e Participações S.A. to formalise its take over the concession rights to manage and develop the container terminal Terminal de Contêineres 1 (T1Rio). Under Brazilian bankruptcy laws, ICTSI acquires Libra Rio as an isolated operation unit, free and clear of any liabilities or contingencies of any other entities of the Libra Group.

Thomaz Bastos, Waisberg, Kurzweil Advogados represented the collective companies of the Debtor which filed for judicial restructuring in Brazil (Libra Holding S.A., Libra Sul S.A., Libra Investimentos S.A., Libra Infraestrutura S.A., Libra Administração e Participações S.A., Libra Terminais e Logística S.A., Rodocarga Operadora Portuária S.A., Boreal Empreendimentos e Participações S.A., Libra Terminal Rio S.A., Ariate Imobiliária e Participações S.A., Ponta do Caju Imobiliária e Participações Ltda., Tebas Imobiliária E Participações S.A).

The firm advised the debtor companies throughout all negotiation and preparation for the filing processes, the approval of the judicial restructuring plan and its subsequent implementation. Alongside the inherent challenges that a judicial restructuring of this magnitude entails, the transaction was also one of the few cases in the ports sector and involved several issues with regulatory agencies.

Ivo Waisberg, Bruno Kurzweil de Oliveira, Joel Luís Thomaz Bastos, Gilberto Gornati, Herbert Kugler, Adriana Maria Cruz Dias de Oliveira, Beatriz Delácio Gnipper and Lais Nicole Luizetti worked on the transaction.

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