{"id":1008858,"date":"2026-10-01T16:48:45","date_gmt":"2026-10-01T19:48:45","guid":{"rendered":"https:\/\/souzaokawa.com.br\/counterparty-risk-lessons-from-the-2026-cases\/"},"modified":"2026-10-01T17:01:05","modified_gmt":"2026-10-01T20:01:05","slug":"counterparty-risk-judicial-reorganization-brazil-2026","status":"publish","type":"post","link":"https:\/\/souzaokawa.com.br\/en\/counterparty-risk-judicial-reorganization-brazil-2026\/","title":{"rendered":"Counterparty risk: lessons from the 2026 cases"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1008858\" class=\"elementor elementor-1008858 elementor-1008846\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4b1cbebd e-con-full e-flex e-con e-parent\" data-id=\"4b1cbebd\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a2dbb9d elementor-widget elementor-widget-text-editor\" data-id=\"a2dbb9d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>2026 has been marked by significant corporate reorganization and restructuring proceedings in Brazil. Cases involving companies and groups widely known in the market, such as Casas Bahia, Habib\u2019s, Ra\u00edzen, Grupo P\u00e3o de A\u00e7\u00facar, Marabraz, Estrela, Tok&#038;Stok\/Mobly and Casa &#038; Video\/Le Biscuit, reinforce an important point: name, size and reputation are not, on their own, sufficient indicators of security when entering into a contract. <\/p><p><br>In August alone, Grupo Casas Bahia filed for judicial reorganization involving approximately R$17.3 billion in debt, after reporting a loss of R$10.1 billion in the second quarter, while Grupo Habib\u2019s filed for judicial reorganization covering 178 companies within the group.<\/p><p><br>Large companies may carry high levels of debt, face liquidity constraints or have a concentration of short-term maturities without these factors being immediately apparent to customers, suppliers and business partners. In many cases, the size and reputation of the group may create a perception of security that does not necessarily reflect the financial position of the entity that actually undertakes the obligation. <\/p><p><br>This is particularly relevant when contracting with companies that are part of large economic groups. The group\u2019s financial strength does not, in and of itself, mean that the parent company or other group entities will be liable for the obligations of the contractual counterparty. A common brand or shared corporate control does not replace expressly granted guarantees or security.  <\/p><p><br>In this context, material contracts, especially those that are long-term, involve deferred payments or entail significant financial exposure, warrant a broader assessment of the counterparty. Financial statements, level of indebtedness, liquidity, corporate structure and cash-generation capacity may reveal risks that business reputation alone does not. <\/p><p><br>Identifying these risks before signing also makes it possible to structure appropriate protections, such as additional guarantees and security, requirements to reinforce them if the counterparty\u2019s financial position deteriorates, specific payment terms and acceleration mechanisms.<\/p><p><br>The cases seen in 2026 therefore serve as an important reminder: knowing the counterparty means more than knowing its name. The security of a business relationship also depends on understanding the counterparty\u2019s actual financial capacity and on a contractual structure commensurate with the risk assumed. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-52509f1 elementor-blockquote--skin-clean elementor-blockquote--align-center elementor-blockquote--button-color-custom elementor-widget elementor-widget-blockquote\" data-id=\"52509f1\" data-element_type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\tThis content is provided for informational purposes only and does not constitute legal advice. The application of this information depends on the analysis of each specific case. \t\t\t<\/p>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c03866 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8c03866\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-293a2f3 e-con-full e-flex e-con e-parent\" data-id=\"293a2f3\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e4c19b4 elementor-widget__width-initial elementor-widget elementor-widget-spacer\" data-id=\"e4c19b4\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1508e8d e-flex e-con-boxed e-con e-parent\" data-id=\"1508e8d\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fd4f961 e-flex e-con-boxed e-con e-parent\" data-id=\"fd4f961\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>2026 has been marked by significant corporate reorganization and restructuring proceedings in Brazil. Cases involving companies and groups widely known in the market, such as Casas Bahia, Habib\u2019s, Ra\u00edzen, Grupo P\u00e3o de A\u00e7\u00facar, Marabraz, Estrela, Tok&#038;Stok\/Mobly and Casa &#038; Video\/Le Biscuit, reinforce an important point: name, size and reputation are not, on their own, sufficient&#8230;<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[538],"tags":[1796,1802,1557,1801,1793,1798,1795,1800],"area":[533],"class_list":["post-1008858","post","type-post","status-publish","format-standard","hentry","category-articles","tag-acceleration-clause","tag-commercial-contracts-brazil","tag-contractual-guarantees","tag-corporate-restructuring-brazil","tag-counterparty-risk","tag-credit-risk-management","tag-financial-due-diligence","tag-judicial-reorganization-brazil-2026","area-corporate-and-ma"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Counterparty risk: lessons from the 2026 cases - SouzaOkawa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/souzaokawa.com.br\/en\/counterparty-risk-judicial-reorganization-brazil-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Counterparty risk: lessons from the 2026 cases - SouzaOkawa\" \/>\n<meta property=\"og:description\" content=\"2026 has been marked by significant corporate reorganization and restructuring proceedings in Brazil. Cases involving companies and groups widely known in the market, such as Casas Bahia, Habib\u2019s, Ra\u00edzen, Grupo P\u00e3o de A\u00e7\u00facar, Marabraz, Estrela, Tok&#038;Stok\/Mobly and Casa &#038; Video\/Le Biscuit, reinforce an important point: name, size and reputation are not, on their own, sufficient...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/souzaokawa.com.br\/en\/counterparty-risk-judicial-reorganization-brazil-2026\/\" \/>\n<meta property=\"og:site_name\" content=\"SouzaOkawa\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-01T19:48:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-01T20:01:05+00:00\" \/>\n<meta name=\"author\" content=\"Mariana\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mariana\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/souzaokawa.com.br\/en\/counterparty-risk-judicial-reorganization-brazil-2026\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/souzaokawa.com.br\/en\/counterparty-risk-judicial-reorganization-brazil-2026\/\"},\"author\":{\"name\":\"Mariana\",\"@id\":\"https:\/\/souzaokawa.com.br\/en\/#\/schema\/person\/1883fd98a88cf869ca8cd7f014a1a782\"},\"headline\":\"Counterparty risk: lessons from the 2026 cases\",\"datePublished\":\"2026-10-01T19:48:45+00:00\",\"dateModified\":\"2026-10-01T20:01:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/souzaokawa.com.br\/en\/counterparty-risk-judicial-reorganization-brazil-2026\/\"},\"wordCount\":389,\"publisher\":{\"@id\":\"https:\/\/souzaokawa.com.br\/en\/#organization\"},\"keywords\":[\"acceleration clause\",\"commercial contracts Brazil\",\"contractual guarantees\",\"corporate restructuring Brazil\",\"counterparty risk\",\"credit risk management\",\"financial due diligence\",\"judicial reorganization Brazil 2026\"],\"articleSection\":[\"Articles\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/souzaokawa.com.br\/en\/counterparty-risk-judicial-reorganization-brazil-2026\/\",\"url\":\"https:\/\/souzaokawa.com.br\/en\/counterparty-risk-judicial-reorganization-brazil-2026\/\",\"name\":\"Counterparty risk: lessons from the 2026 cases - 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