OCT 8, 2019
Facing a difficult moment, Enseada Shipyard, in Bahia, has just filed its request for judicial recovery, covering R$ 2.3 billion in competition claims *. The decision was taken to implement a definitive financial restructuring of the company, which has been facing severe financial problems in recent years. Despite the request for recovery, the yard will continue with its activities.
Since the crisis that struck the country and the shipping industry in 2014, the group has tried to circumvent business and financial difficulties. In 2017, the company presented an out-of-court recovery plan aimed at restructuring most of its liabilities. According to Enseada, this goal has been achieved. However, the plan was premised on the recovery, albeit shy, of the shipbuilding and offshore market between 2015 and 2017.
As this recovery did not happen, the situation worsened. In addition, Enseada points out that the scenario has become even more complicated due to changes in public policies and relaxation of local content rules. This is another sad episode of the recent history of the Brazilian shipbuilding industry. In boom times, the company employed 9,000 workers.
Enseada Shipyard follows the same fate as its controlling group – Odebrecht. As is well known, the conglomerate also began its judicial recovery process in June this year, with a debt of about R$ 98 billion.
* Contest claims are those that are competing in court recovery. That is, they include creditors whose claims are included in the judicial recovery.