Unigel restructuring and can bring a partner

Unigel group, second largest petrochemical industry in the country, hopes to have circumvented the thud financial affected since the crisis of 2008/2009 global. With a debt of $ 450 million, the result of expansion investments and acquisitions in Brazil and in Mexico, had to set in motion a plan of survival.
Over 2014, the Group made an intense negotiation, for seven months, to about $ 400 million of its debts, professional management and now prepares for a capitalization. This process may involve the sale of assets, the entry of a new partner and even an initial offer of shares.
The Slezynger family, which owns 100% of the business, already admits he can get rid of a slice of the capital. The Bank Rothschild was hired to assist in this process and all opportunities will be evaluated.
For now, the only thing certain is that the time is not ripe for a stock offering and that minority stakes in businesses that are strategic not are candidates for sale. "The company is prepared for a casing operation. This is a good phase and we want to keep it, because the bride is more beautiful, "said the value.
The arrival of Kröger, who previously held executive positions and supervision in companies like Rhodia and Vicunha textile, came in the wake of the debt restructuring of the group. The presentation of a business plan from five to seven years and the output of the Slezynger family of the day to day Unigel would have been preconditions for the signing of the agreement with the banks, found the gValorg.
Through the hiring of a line of export prepayment, the Group renegotiated its financial liabilities with a group of eight institutions, 80% of which with the Santander, Bradesco, Itaú, Banco do Brazil and HSBC. "It took the pressure on the company," noted Kröger.
With the operation, consecrated in September last year with a grace period for payment of the principal until the end of 2016, transferred to long-term maturity of 82% of its financial commitments. Before, about 80% of the indebtedness won in the short term.
"The company worked to pay debt. Now, sat in the box and we will reduce the debt and leverage, "said Kröger. In December, the net debt was 5 times the result before interest, taxes, depreciation and amortization (Ebitda) in dollar. By the end of next year, the goal is to reach 3 times and new investments, said the Executive, will only be approved if they return in six months.
Last year, the Group's net operating revenues totaled r $ 2,88 billion, compared to R $ 2,52 billion in 2013, but the net loss was almost three times greater-than 148,8 million Reais. The increase in financial expenses and other operating expenses contributed to this result. This year, the result is much better.
In addition to completing the process of professionalization of management, this focus is cost reduction. Kröger, upon arriving at Unigel, began to pick up with magnifying glass in the fats group structure that can be cut, what happened to the renegotiation of the lease of the Group's Office in São Paulo.
These efforts, combined to the auspicious moment lived by the global petrochemical industry, especially in the second quarter, before the strong devaluation of oil prices-primary source of industry-raw material, and the favourable exchange rate for exports, enabled the Unigel register net profits in the first six months of this year, r $ 11.5 million.
The Group began 2014 with over $ 1,56 billion in financial obligations due in the short term and a net loss of $ 50.8 million the previous year, when he hired the Estáter to find a solution to the financial crisis. For several reasons, this path did not advance.
At that time, have gained strength the rumors that the group founded by Henri Slezynger would be for sale. The businessman, who took over the Presidency of the Board of Directors with the arrival of the new Executive, assured the gValorg that this idea did not exist, but admits that a slice of their capital and certain assets that are not considered strategic for Unigel can pass into the hands of third parties.
In 2010, with the intention to concentrate on its main business areas-today are four: acrylics, Styrenics and fertilizers, packaging-, a Unigel disbanded its participation in Latapack, producer of aluminum cans for the beverage industries.
Also with the Mariani family as a partner, the Group owns 24% of the Engepack, PET bottles, and owns 100% of Polo Films, manufacturer of polypropylene films Gaucho. "The two alternatives are being examined, but no selling pressure," said Slezynger.
As part of the process of professionalization, Unigel currently has two pieces of advice. To the Board of Directors, chaired by Henri, were brought industrial sector weight names: Franklin Feder, President of Alcoa in Brazil; Peter Wongtschowski, former President of Ultrapar and current Adviser; and Richard Weiss, former Anglo American and ex-Coopersucar. Marc's son Slezynger, who was Group Vice President, also went to the counselor.
A second Council, family oriented, gathers the Patriarch, Marc and other three children of businessman. KPMG Consulting was contracted to assist the structuring of the two Councils.