Inepar SA Industria e Construcoes, a Brazilian maker of electrical-transmission equipment, filed for bankruptcy protection along with two subsidiaries because of difficulties in meeting financial obligations.
“Despite management’s efforts with providers, clients and potential investors, filing for bankruptcy protection was inevitable, considering the worsening of the company’s economic and financial situation,” Dionisio Leles da Silva Filho, Inepar’s director of investor relations, wrote in the filing.
Warley Pimentel, a partner at the Brasil Plural bank, which was hired by Inepar four months ago to advise it on a financial restructuring, was named the company’s new chief executive officer, according to an e-mail statement from Brasil Plural. The newspaper O Estado de S. Paulo reported earlier today that Inepar would file for bankruptcy protection and that Pimentel would take over as CEO, replacing Cesar Romeu Fiedler.
Inepar failed to pay dividends to investors in February because of operational problems and lawsuits, the company had said in a regulatory filing.
The Sao Paulo-based company’s investor relations office didn’t immediately respond to a telephone call and e-mail seeking comment.
The company reported an adjusted net loss of 65.2 million reais ($29.2 million) in the second quarter, its ninth consecutive quarterly loss, data compiled by Bloomberg show. Inepar shares, which have slumped 57 percent this year, fell 5 percent to 38 centavos yesterday in Sao Paulo trading.
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