By Brazil Stock Guide – Brazil’s Coteminas (B3: CTNM3, CTNM4) released its long-delayed third-quarter 2024 earnings on Saturday (Oct. 18), nearly a year late and without independent audit. The filing confirms that the company remains under court-supervised restructuring, a process granted in July 2024, and that the creditors’ assembly, originally planned for June, has been rescheduled for Nov. 13, 2025, “due to the legal complexity of the plan.”
Headquartered in Montes Claros, Minas Gerais, the 56-year-old textile producer is still negotiating with creditors to advance its judicial recovery plan but has not yet secured court approval. The updated proposal, presented in July, includes asset sales, the creation of real-estate investment funds (FIIs), and debt renegotiations with banks and bondholders to restore working capital and safeguard its flagship retail brands Mmartan and Artex, operated through its subsidiary Springs Global Participações.
Springs Global, the group’s largest unit, posted net revenue of R$105.1 million in the quarter, down 36.5% year-on-year, with an adjusted EBITDA loss of R$39 million. The company’s other core unit, Companhia de Tecidos Santanense, reported net revenue of R$19.9 million and a net loss of R$25.9 million, underscoring the sector’s prolonged slump and the burden of financial restructuring. The management statement notes that the figures are unaudited and preliminary.
Founded 56 years ago, Coteminas remains one of Brazil’s oldest textile producers and is controlled by businessman Josué Gomes da Silva, who also served as president of São Paulo’s Federation of Industries (Fiesp). Its shares have fallen more than 80% over the past 12 months, as the company struggles to stabilize its finances and maintain operations under judicial supervision. Management says talks with creditors are “progressing positively,” with the goal of securing plan approval and exiting court protection by 2026.