The effort to bring a distressed asset back to health is never easy. But when it involves one of the largest port container terminals in one of the world’s 10 largest economies, it is both a challenge and an opportunity. Portonave started operations in October 2007 as Brazil’s first private port terminal operator. But 10 years later, Portonave’s parent company, Triunfo Participações e Investimentos, entered into a debt restructuring plan for 2.47 billion reais ($608 million) and agreed to sell Portonave to the Italian shipping company MSC for 1.3 billion reais. The sale of Portonave was not a simple M&A deal of an existing asset. Its success depended on Triunfo’s out-of-court restructu

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