By Brazil Stock Guide – Unigel (UNX) confirmed it has filed for a court-ordered protective measure to support ongoing mediation talks with creditors but denied any decision to seek judicial recovery. The company disclosed the move to Brazil’s securities regulator, CVM, following a request for clarification after a report in Valor Econômico, InfoMoney reported.
The filing, known as a “Tutela de Urgência Cautelar” in Brazil, aims to secure stability while Unigel (UNX) negotiates with both financial and operational creditors. “The purpose of these measures is to create a stable environment for negotiations with financial and operational creditors, in line with Unigel’s capital strengthening strategy,” the company said in its statement.
Unigel (UNX), one of Brazil’s largest chemical producers, added that no resolution has been made regarding a judicial recovery request, a court-supervised restructuring process similar to bankruptcy protection. By pursuing a protective measure instead, the company is signaling it hopes to restructure its capital through mediated negotiations rather than a formal insolvency filing.