Wtorre tries, again, to restructure your business

The WTorre Group initiated a new process of restructuring – the third in a period of ten years – to try to rebuild and get through the crisis that befell the construction company for the past two years. The company, which had your name quoted last year in the car wash operations and Greenfield, renegotiates with 1.5 billion R$ debt banks and traded two weeks ago. Walter Torre Jr, founder and Chairman of the Board of Directors of the group, returned to the day to day and is rethinking the company''s strategy, which should go back to its origins.
The height of the crisis. The Group has grown and diversified, moving to raise in the years 1990 commercial buildings and shopping malls, then went into infrastructure – owner of the shipyard Rio Grande (RS), sold in 2010 for Engevix –, and has a port project in the State of Maranhão. Entered in entertainment: built the Allianz Park, the stadium of Palmeiras, and Santander.
The diversification gave the projection, but it yielded construction headaches. Down by the recession, which forced him to get rid of assets – such as your slice in the JK Iguatemi-and commercial real estate (sold to BTG), the group still has your name involved in the operations of the car wash and Greenfield.
In July, the construction company was accused of receiving 18 million R$ to make the bidding for the construction of laboratory of Petrobras, which would have been with the OAS. WTorre denies irregularities and says he''s available for clarification.
In Greenfield, who investigates Pension Fund fraud, Walter tower was summoned to coercive testimony in the Federal Police. The case refers to the Rio Grande shipyard. The company clarified, at the time, who built the shipyard in 2005 with its own resources, without public money, and sold the business to Engevix. After that, Engevix was associated to the Pension Fund of the box (Funcef). The investigation is ongoing.
In recent months, the construction company started renegotiating its debts. Gave guarantee assets around R $1 billion, to private banks, such as Bradesco and itau. Only with the Banco do Brazil, which financed the construction of the Allianz Park, about 500 million R$ of renegotiation. The Group''s revenue comes from the sale of stadium chairs-10000 in 43000-, rental of cabins, space for shows, corporate events and food, but it is not enough to cover the investments made, according to sources. Wanted, the banks don''t comment. Torre tried to review the contract with Palmeiras, but lost the arbitration, the dispute that became known as the "fight of the chairs".
The Group renegotiates late payments with suppliers and is resigning. In 2016, had direct and workers should wipe 514 more. Revenues shrank. In 2013, the construction company, which accounts for 60% to 70% of the business, was 1.2 billion R$-R$ fell to 818 million in 2014. The group does not disclose the data of 2015 and 2016, but sales have fallen more, said Torre. With the car wash, lost important contracts – one of 300 million R$. But, following upbeat: "I have new projects ahead of us."