Infracommerce Restructures R$641M Debt and Appoints New CEO

Infracommerce, a leading e-commerce solutions provider, has taken significant steps to secure its financial future.

The company recently signed a binding agreement with major creditors to restructure R$641 million ($116 million) in debt. This deal covers 85% of Infracommerce’s total debt burden.

The restructuring agreement involves four key financial institutions: Itaú Unibanco, Santander Brasil, Banco do Brasil, and Banco ABC Brasil.

These banks have agreed to new terms that will help Infracommerce manage its financial obligations more effectively.

Debt Restructuring Details

As part of the restructuring plan, Infracommerce will create a new entity called Newco. This independent management vehicle will become the sole creditor in the restructuring plan. The company will pay off R$420 million ($76 million) of its debt by transferring assets.

Infracommerce will give Newco 83.6% of the shares in New Retail Limited, its Cayman Islands-based subsidiary.

The remaining debt, estimated at R$221 million ($40 million), will be converted into private debentures issued by Infracommerce.

These debentures can be converted into Infracommerce’s ordinary shares within five years of their issuance. Infracommerce will calculate the conversion price using the volume-weighted average of its stock price over the 30 trading days preceding conversion.

Additional Financial Support

Infracommerce negotiates with Geribá Investimentos for additional working capital. The potential deal may provide up to R$70 million ($12.73 million) in three installments. This agreement would further strengthen the company’s financial position.

Alongside the financial restructuring, Infracommerce announced several changes to its leadership team. Ivan Murias, the current global CEO, will step down to become the chairman of the board. Mariano Oriozabala will take over as the new global CEO.

Oriozabala has been successfully leading Infracommerce’s Latin American operations. His experience in the sector and knowledge of the company’s business will now be applied to the global leadership role.

Peter Paul Lorenço Estermann has resigned as board chairman, while Pedro Jereissati has stepped down as a board member. João Paes de Carvalho has been elected as a new board member to maintain the board’s strength.

These changes reflect Infracommerce’s commitment to adapting its leadership structure to meet current challenges and future opportunities in the e-commerce sector.

The company aims to emerge stronger from this restructuring process, ready to capitalize on the growing digital marketplace.

Infracommerce Restructures R$641M Debt and Appoints New CEO

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