Credores da Elfa se revoltam depois de Pátria vender a empresa por R$ 630

Debt holders for the drug distribution company Elfa are protesting the sale of the business for a symbolic R$630 by its owner, Patria. The debt holders claim they were taken by surprise, as Patria had not signaled its intent to sell the asset. The move came amid ongoing negotiations, with one creditor stating they had already provided a waiver of debt until October to help the company restructure.

The debt holders were unaware that a new company, Gravataí, had been formed just four months prior and is now the new owner of Elfa. The sale agreement states that Patria may receive an earnout if the Elfa is sold within the next 36 months, but the terms of this agreement were not disclosed. The creditor group, represented by Moelis and TWK Advogados, plans to seek the early payment of debts due to the change in control of the business.

They must now execute the guarantees, which include receivables and the fiduciary transfer of two Elfa companies: Descarpack, acquired in 2022 for R$850 million, and Suryia. The question is whether the early repayment can be requested now or if the creditors must wait for the waiver to end. Elfa's total debentures amount to R$750 million, with the largest debt holders being ARX Investimentos, BB Asset, Strata Capital, Valora, Vinland Capital, Lift Capital, Verde, and Moneda, a company belonging to Patria itself.

The company also has additional bank debts of R$750 million, with Santander being the largest creditor, followed by Banco do Brasil and ABC Brasil. The sale of Elfa disappointed the debt holders more than the final result, as they felt the transaction was executed without proper consultation and transparency.