Portuguese 
English 
Spanish 
2 min of reading 
Reconciliation Campaign Will Enable Partial Debt Payments Before Assembly, In A Judicial Recovery Process Of R$ 2.4 Billion
Last week, the notice for the debt reconciliation campaign with 700 labor creditors was published, in the judicial recovery process of Estaleiro Atlântico Sul (EAS), in Pernambuco. The measure, authorized by the 1st Civil Court of Ipojuca, will allow partial payment of amounts before the general creditors’ assembly, which involves a total liability of R$ 2.4 billion.
With this, creditors will be called to negotiate the credits, which are the lowest value in the entire process. The oversight of the procedure will be by the Medeiros & Medeiros Judicial Administration office, which was appointed judicial administrator of the Shipyard in February.
“Extrajudicial mediation is a new and very positive tool for the recovery process. It allows smaller creditors to receive a good portion of their credits, mitigating the impacts for workers and companies. Furthermore, it resolves conflicts and prevents other actions from being filed”, explains João Medeiros Fernandes Jr., a partner at the firm.
-
With a capacity for 9,100 vehicles, solar panels on deck, and liquefied natural gas engines, the Höegh Aurora is the world’s largest car carrier, and the ship that can embark an entire city’s worth of cars in a single voyage will transition to zero-carbon ammonia by 2027, becoming the first large cargo ship in history to completely abandon fossil fuels.
-
The nuclear submarine that never arrives: The Álvaro Alberto project has accumulated 47 years of development, R$ 40 billion spent since 2008, and may now be delayed until 2037 due to a lack of R$ 1 billion in the Brazilian Navy’s coffers.
-
Portonave is investing R$ 2 billion to modernize the Port of Navegantes and accommodate ships up to 400 meters, but the project depends on the federal government deepening the channel from 14 to 17 meters, a concession that is at the TCU.
-
At 30, 40, or 50, starting over is no longer an exception: 7 high-demand areas in Brazil value experience, business acumen, and digital proficiency
Controlled by the Queiroz Galvão and Camargo Corrêa groups, Estaleiro Atlântico Sul is among the 20 largest judicial recoveries underway in the country. EAS has a processing capacity of 160 thousand tons of steel per year and once employed more than six thousand staff. In January 2020, the company filed for recovery due to the economic crisis, mainly in the shipbuilding sector.
The situation is similar to that of Ecovix, which had its judicial recovery plan approved in 2018, in a process also managed by the Medeiros & Medeiros office. The company, owner of the Estaleiro Rio Grande, joined forces with the Chilean group Asmar to present a proposal for the production of an Antarctic ship for the Navy in July.
Be the first to react!