Bradesco proposes debt restructuring and management changes for Invepar

Bradesco has presented a proposal to the pension funds controlling Invepar to restructure the company's debt and overhaul its management. Invepar, which manages major infrastructure assets including Guarulhos Airport and Rio de Janeiro's Linha Amarela, faces approximately R$ 1.4 billion in debt from bank loans and shareholder obligations.

The proposal involves extending the maturity of principal debt payments into the next decade. Bradesco has also offered to purchase R$ 200 million in shares, which could grant the bank a 25% stake in the company and potentially dilute existing shareholders. Additionally, R$ 655 million in debentures could have their maturity postponed to 2033, with the possibility of conversion into equity.

In exchange for these terms, Bradesco is seeking significant governance changes, including a seat on a five-member Board of Directors, the right to appoint the Chief Financial Officer, and the authority to lead the selection of a new CEO for Guarulhos Airport. The pension funds involved in the negotiations include Petros, Previ, and Funcef.