In 2025, a total of 80 Brazilian companies opted for out-of-court recovery, a record number according to the Brazilian Out-of-Court Recovery Observatory (Obre). At the same time, the consolidated debt of the 248 largest companies jumped from R$ 1.4 trillion in 2020 to R$ 2.3 trillion in 2025, according to data from the consultancy Elos Ayta, reflecting financial pressures in the corporate environment.
On the other hand, the agribusiness sector faced a significant increase in judicial recovery requests, totaling 1,990 in 2025, up 56.4% compared to 2024. This increase is partly explained by the impact of the high Selic rate, which until the last week of April 2026 was at 14.75%, after a recent reduction by the Central Bank, making it harder for companies to access cheaper financing.
Meanwhile, Raízen, one of the largest companies in the country, filed an out-of-court process in April 2026 to renegotiate its R$ 65 billion debt, recognized as the largest case of this type in Brazil. This measure reflects the search for faster and less costly restructuring solutions, according to Alexandre Temerloglou, CEO of Siegen, who points to out-of-court recovery as a more efficient alternative compared to judicial recovery.
Furthermore, the national tax burden increased from 29.2% to 32.3% of the Gross Domestic Product (GDP) between 2020 and 2024, according to data from the Ministry of Finance. In January 2026, tax revenue reached a record R$ 325.7 billion, a factor that also contributes to the financial pressure on Brazilian companies.
Overall, studies indicate a lag of about 12 months between the increase in the Selic rate and the growth in judicial recovery requests, according to Siegen’s survey. Thus, the Monetary Policy Committee (Copom) of the Central Bank highlighted that further cuts in the Selic rate will depend on the evolution of economic indicators and the uncertain international scenario.
Finally, the financial outlook points to an increase in companies’ difficulties in meeting their obligations, which has intensified the use of out-of-court recovery as a tool for renegotiation. The conclusion of the process still depends on the evolution of monetary policy, as well as the companies’ response to the tight fiscal environment, with the expectation of future adjustments to ease corporate indebtedness.
