By Brazil Stock Guide — Aeris Energy (B3: AERI3), a Brazilian wind turbine blade manufacturer controlled by the Negrão family, filed for an out-of-court debt restructuring under Brazilian bankruptcy law on Tuesday, November 3, seeking to reorganize R$1.52 billion (approximately $290 million) in debt.
The petition was filed with São Paulo’s 3rd Bankruptcy and Judicial Reorganization Court, marking another attempt to stabilize the company’s finances just 18 months after it renegotiated approximately 90% of its outstanding debt.
The proposed restructuring plan has secured the support of creditors holding 42.18% of the debt covered by the proceedings, exceeding the one-third threshold required to initiate the process. Aeris now has 90 days to obtain the approval of creditors representing more than half of the eligible claims, the minimum required for court confirmation of the plan.
The restructuring could involve extending debt maturities, modifying collateral arrangements and raising additional capital. Final financial terms, including any potential reductions in the amounts owed to creditors, have yet to be negotiated.
Aeris’s financial position had been deteriorating amid a slowdown in investment in Brazil’s wind power industry. At the end of the second quarter of 2026, the company reported gross debt of R$1.96 billion and net debt of R$1.94 billion, against just R$17.3 million in unrestricted cash. Adjusted EBITDA for the preceding 12 months was negative R$149 million. The manufacturer posted a net loss of R$290 million in the first half of 2026, compared with a R$251.3 million loss in the same period a year earlier.
The latest restructuring follows an agreement completed in May 2025 with banks and bondholders covering approximately 90% of Aeris’s debt. That deal extended repayment schedules and eased near-term financial obligations but ultimately failed to restore the company’s financial stability. In August 2026, Aeris had already sought temporary court protection against creditor enforcement actions while continuing negotiations with its lenders.
Founded in the northeastern Brazilian state of Ceará, Aeris is controlled by members of the Negrão family. Vera Sarnes Negrão is the largest individual shareholder, with a stake of approximately 33.3%, while Alexandre Sarnes Negrão, the company’s chief executive officer, holds around 12.7%. Gisela Sarnes Negrão Assis and Fernanda Sarnes Negrão are also among its major shareholders. Aeris has been listed on Brazil’s B3 stock exchange since 2020.
The company’s financial troubles also reflect broader challenges facing Brazil’s wind energy supply chain. In recent years, weaker demand for new wind farms, contract cancellations and persistently high interest rates have weighed on equipment manufacturers’ order books. Aeris has sought to expand exports and adjust its production capacity to lower demand, but remains under pressure from financing costs and reduced industrial activity.
According to the company’s regulatory filing, the restructuring covers non-operational unsecured claims, including outstanding amounts not backed by real or fiduciary collateral. Obligations arising from ordinary-course supplies essential to operations are excluded, as are tax liabilities and labor-related claims.
Aeris said it intends to preserve jobs, supplier relationships and wind turbine blade production throughout the restructuring. The filing was approved by its board of directors and remains subject to shareholder ratification at an extraordinary general meeting.
Unlike a conventional court-supervised bankruptcy reorganization, Brazil’s recuperação extrajudicial allows a company to negotiate a restructuring agreement directly with creditors and seek judicial approval to make it binding on the affected creditor classes, subject to statutory requirements.
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