De Brauw has acted as advisor of an ad hoc group of bondholders on the USD 860 million reorganization of the Unigel Group, one of the largest chemical companies in Brazil, holding a leading position in the production of Styrenics, Acrylics and Nitrogen Fertilizers in Latin America. The reorganization started by the filing of extrajudicial reorganization plans on 20 February 2025 and was concluded on 30 January 2025. Pursuant to the reorganization the Unigel Group was acquired by a new Dutch holding company.

Due to the reorganization, approximately USD 860 million of existing debt was converted into new financial instruments, reducing the Unigel Group's financial leverage by approximately 50%. Additionally, creditors who elected option A under the reorganization plans provided new money to the Unigel Group, which will be used for the completion of the Sulfuric Acid plant construction, working capital adjustments, and strengthening of the Unigel Group's cash position.

In accordance with the reorganization plans, option A creditors also acquired 50% of the equity interests in the Unigel Group (in the form of depositary receipts issued by a Dutch foundation administering the equity interests) marking a new phase in Unigel's governance. The management board of the parent company comprises seven members, three nominated by the founding family, three nominated by the option A creditors and one independent member nominated jointly by the founding family and the option A creditors.