Private Credit 2026

BRAZIL Trends and Developments

Trends and Developments Contributed by: Thiago Fernandes Chebatt and Luiz Eugênio Araújo Müller Filho Müller Chebatt Advogados Müller Chebatt Advogados is a São Paulo-based boutique focused on restructuring and insolvency, disputes (court and arbitration) and financial-markets regulatory matters, with private credit as a core pillar. The firm advises Brazilian and international clients on both sides of the market – borrowers and lenders/ creditors, including credit funds, asset managers, financial institutions and special situations inves - tors – throughout the full credit life cycle in Brazil. Its multidisciplinary, deal-driven approach combines rigour, pragmatism and timely, proactive execution. The team structures and negotiates bilateral and syndicated loans, drafts finance documentation, and

designs and perfects collateral and guarantee pack - ages (including fiduciary structures, pledges and as - signments) with registries. It also handles intercreditor arrangements, subordination mechanics, covenant frameworks, amendments and waivers, and ongo - ing risk management. In stressed and distressed scenarios, the firm supports liability management, consensual workouts, enforcement, and distressed credit acquisitions, leveraging deep familiarity with Brazilian insolvency proceedings and complex litiga - tion over guarantees, clawback claims, priority and fraud-related issues.

Authors

Thiago Fernandes Chebatt is a founding partner at Müller Chebatt Advogados. He focuses on private credit and special situations, advising

Luiz Eugênio Araújo Müller Filho is a founding partner at Müller Chebatt Advogados (São Paulo). His practice covers corporate and debt restructuring, judicial and out-of-court reorganisations, bankruptcy matters

borrowers and lenders/creditors– credit funds, asset managers and financial institutions. He also acts in restructuring/ insolvency and related disputes (court and arbitration). He holds an LLB and a postgraduate degree in Civil Procedure from Pontifical Catholic University of São Paulo and also several specialisations, including Corporate Restructuring (FGV) and the International Legal Practice Program, jointly delivered by the International Bar Association (IBA), FGV, King’s College and IE University.

and special situations, frequently in credit-related contexts, and shareholders’ judicial and arbitral disputes. He holds an LLB from Universidade Cândido Mendes – Ipanema (1986).

Müller Chebatt Advogados 477 Avenida São Gabriel Office 132/133 São Paulo-SP Brazil 01435-001 Tel: +55 11 4550-3471 Email: contato@mullerchebatt.com.br Web: www.mullerchebatt.com.br

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