Globo Group

Globo Group Corporate Restructuring

2002 to 2005

→ In March 2002, mr. Alexander was appointed CFO of Globopar (the Globo´s Group holding company) to announce and conduct its financial restructuring.

→ Due to a combination of factors, including a dramatic change in the economic environment, the Globo Group was forced to renegotiate all its debt with creditors and bondholders. The announcement of Globopar's debt restructuring triggered several cross-default clauses and, also, impacted many subsidiaries and related companies.

→ At the debt restructuring announcement, the Globopar's financial claims amounted around US$2billion, most of it in the international bond market. Including all the related companies, directly and indirectly affected, the total debt to be restructured was around US$4billion. The debt restructuring negotiations last for around 3 years, ending in june 2005. It was a vast complex net of agreements, including more than 15 M&As/Asset Sales.

→ The debt restructuring was successfully closed without imposing any debt haircut to creditors and by refocusing the Globo group on its core business: a media content provider.

→ Globopar and TV Globo were merged and formed the new Globo Comunicação e Participações, the main Globo Group company. The debt profile was adjusted, and the corporate and finance management activities were centralized. Mr. Alexander was appointed the new company's CFO in 2005.

→ Due to the successfully conclusion of the debt restructuring, on the following years:

In 2006, Globopar’s debt restructuring was awarded the Restructuring of the Year, by Latin Finance magazine.
In 2006, Globo issued US$325mm of global perpetual notes, becoming the first company in history to refinance its restructured debt through perpetual notes.
In 2007, mr. Alexander was appointed the CFO of the Year by the national association of finance and accounting executives (ANEFAC).
In 2008, Globo achieved its triple investment grade ratings by the three main rating agencies, being part of a very selected group of five Brazilian companies at that time.