WPE, which is controlled by Impsa parent company Venti SA, applied to begin a legal recovery process before the 4th Civil Court in Cabo de Santo Agostinho, Pernambuco, Brazil, Impsa told the Buenos Aires Stock Exchange.
The aim of the action is to protect the firm against claims made by a number of unpaid suppliers and keep the firm operating.
"If approved by the court, the process will allow WPE to overcome its economic and financial difficulties and reach a settlement with its creditors, ensuring the continuity of the business," Impsa said.
Financial claims by transport firms Libra Terminal Valongo SA and Libra Terminais SA led to bankruptsy proceedings starting against WPE in August after it missed payments but the claim was dismissed by a judge.
The company owes creditors around BRL 2 billion (US$770 million).