Carlyle's Brazilian developer battles mounting lawsuits
Survival of Urbplan depends on creditors' willingness to restructure 450 million reais of asset-backed securities
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Sao Paulo
A BRAZILIAN land developer controlled by Carlyle Group LP investment vehicles is buckling under mounting client and creditor lawsuits and an unsustainable debt load, highlighting legal risks facing global buyout giants in Latin America's No 1 economy.
The survival of Urbplan Desenvolvimento Urbano SA increasingly depends on creditors' willingness to restructure 450 million reais (S$206 million) of asset-backed securities, and the unlikely reversal of hundreds of rulings allowing clients to cancel land purchases.
Urbplan, which develops residential lots by laying out basic infrastructure, is the target of more than 2,000 lawsuits nation…
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