Mercado de reestruturação de dívidas está aquecido

Diversas companhias que passaram por negociações financeiras nos últimos anos, estão voltando a negociar seus débitos com os credores

Quando a crise econômica brasileira começou há cerca de três anos, muitos especialistas acreditavam que em 2017 o país já teria superado este quadro. Entretanto, os primeiros sinais positivos vislumbrados neste ano ainda não são suficientes para uma retomada consistente e mostram um processo de recuperação bem lento.

O Brasil ainda tem 13,3 milhões de desempregados (dados do IBGE até julho), representando 12,8% da população; os investimentos previstos não foram realizados; as exportações ainda patinam; poucas reformas estruturais avançaram, e ainda sem resultados práticos.

Para ilustrar esta lentidão basta retornar ao ano de 2014, quando as projeções do mercado financeiro apontavam que em 2017 o PIB brasileiro cresceria 3%. Hoje, as expectativas dos analistas são bem diferentes: entre 0,3% e 0,4% de crescimento.

O prazo da recuperação da economia está se alongando tanto que muitas companhias que passaram por reestruturações financeiras nos últimos anos, estão voltando a negociar suas dívidas com os credores. “A maioria dos planos propostos anteriormente teve como base uma melhora financeira que não veio e, por isso, muitas empresas estão se vendo obrigadas a revisitar suas estratégias. Os prazos de carência acordados estão se encerrando”, comenta Douglas Nakau, sócio da EXM Partners.

Para o consultor, a recuperação ainda é morosa e, por isso, espera-se que algumas companhias irão além da negociação por prazos e juros, tendo que colocar seus ativos à venda e descontinuar operações ainda deficitárias. “Isso não quer dizer que a situação da empresa declinou, mas os aspectos macroeconômicos exigirão uma rápida reestruturação, para evitar que num futuro próximo entre em recuperação judicial ou até chegue à falência.” completa.

Por outro lado, a boa notícia é que a negociação com os bancos pode ser mais amistosa devido, principalmente, às perspectivas um pouco mais positivas. Com a inflação abaixo do centro da meta – a previsão é que fique em 3,45% até o final do ano – e os juros em queda – o mercado financeiro aposta que a taxa Selic encerre em 7,25% ao ano – a atividade econômica será estimulada, permitindo uma melhor conversa com os credores. Os próprios bancos optam por aumentar prazos e diminuir juros, em vez de empurrar a empresa para um processo de recuperação judicial.

Hoje já é possível verificar com maior nitidez quando o fluxo de caixa de uma empresa vai dar resultado. O cenário está um pouco mais estável e as ações começam a ficar um pouco mais previsíveis. E com juros mais baixos, o crédito fica mais barato e disponível. Para o sócio da EXM Partners, “o momento do empresário rever seus negócios e renegociar suas dívidas é agora”.

A economia passa por uma fase de estabilização, com expectativa de aumento de renda e de consumo. De maio a julho deste ano, a massa salarial subiu 3,1% na comparação com mesmo período do ano passado. O total de pessoas ocupadas neste mesmo trimestre foi 0,2% maior do que em 2016.

O aumento da quantidade de dinheiro disponível no mercado de capitais e o grau de liquidez mais alto são outros fatores que devem contribuir consideravelmente para o crescimento dos acordos extrajudiciais e das ações de reestruturação corporativa.

Um exemplo deste movimento é a companhia de call centers Contax. No início de 2016, a empresa reestruturou dívidas de aproximadamente R$ 1,4 bilhão e, mesmo gerando lucro superior a R$ 70 milhões nos primeiros três meses, a companhia viu o cenário econômico negativo e a recuperação judicial de seu principal cliente, o Grupo Oi, reduzirem suas receitas, reiniciando uma nova fase de prejuízos. Há menos de dois meses a empresa conseguiu refinanciar dois contratos do BNDES com outros bancos, somando R$ 150 milhões renegociados.

Outro caso semelhante é a empresa de infraestrutura Triunfo Participações, controladora do aeroporto de Viracopos, que acertou a reestruturação de dívidas de R$ 2,1 bilhões com um grupo de cerca de 20 bancos. A recuperação extrajudicial dará fôlego para a companhia redefinir suas estratégias após o não pagamento da dívida com o BNDES.

Nakau sinaliza, ainda, que outra tendência é a renegociação de dívidas com bônus emitidos no exterior. Em 2016, as empresas brasileiras movimentaram mais de US$ 24 bilhões nesta modalidade.

O consultor, entretanto, alerta que o reflexo da modesta recuperação da economia brasileira ainda vai demorar a refletir no fluxo de caixa das empresas. “As oportunidades estão na mesa, resta ao empresário não esperar que a corda aperte o pescoço para negociar melhor suas dívidas e reavaliar o seu negócio”, conclui Nakau.

A EXM Partners é uma das principais consultorias do País especializada em Administração Judicial, Reestruturação e Recuperação de Empresas. Fundada em 2002 por executivos da PwC, iniciou sua atuação com foco no mercado de PMEs, que na época não era bem servido pelas “Big four”. Com a entrada em vigor da nova Lei de recuperação judicial e falência brasileira, em 2005, um novo mercado foi aberto para Turnaround e Reestruturação de Dívidas. A empresa anteviu esta oportunidade e foi pioneira neste setor. Desde então, a empresa conduziu com êxito mais de 100 casos de restruturação e recuperação de empresas e administração judicial.

Principais serviços: Turnaround Management, Reestruturação de Empresas, Recuperação Judicial, Administração Judicial, Reestruturação Financeira e de Dívidas, Gestão Interina; M&A e Transações, Valuation, Project Finance, Auditoria e Impostos.

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