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The Accumulated Debt of the Atlântico Sul Shipyard Is R$ 1.3 Billion. Court Temporarily Suspends Creditor Actions.
Last Friday, 07, the request for judicial recovery of the Atlântico Sul Shipyard (EAS) and Consunav Rio Consulting and Engineering was accepted by the Court of Justice of Pernambuco (TJPE). Many job openings! Brasfels Shipyard in Angra dos Reis begins calling for tests!
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The decision was made provisionally by Judge Ildete Veríssimo de Lima, of the 1st Civil Court of the Ipojuca District, a city on the South Coast where the enterprise is located.
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The judge determined, among other measures, that actions and executions filed by creditors against the shipyard be suspended, with conditions such as the monthly presentation of demonstrative accounts of the judicial recovery process.
According to the lawyer of the EAS Group, Gustavo Matos, the accumulated debt is R$ 1.3 billion, owed to various creditors, with the largest being the National Bank for Economic and Social Development (BNDES), which holds R$ 1 billion.
The shipyard’s debt, according to Matos, mainly arises from financing for the operation of the shipyard, suppliers, and expenses with former employees.
Until 2018, the Atlântico Sul shipyard injected around R$ 500 million annually into the economy of Pernambuco through employee salaries. In addition to the 3,500 workers, another 18,000 indirect jobs were generated.
After construction companies and Petrobras became targets of investigations and were punished for participating in the criminal scheme investigated by the Operation Lava Jato of the Federal Police, the activities of the Atlântico Sul shipyard are almost nonexistent.
“With judicial recovery, we managed to have all actions against the group suspended for 180 days, and within this period, we have 60 days to present a recovery plan, which will be presented by the EAS group to the creditors, in order to restructure the shipyard, adapting it to a new market reality”, stated the lawyer.
Despite the Atlântico Sul shipyard’s difficult financial situation, the company has the capacity to accept new orders.
“The shipyard has fulfilled all contracted ship deliveries, but the reality of the shipbuilding industry is one of great difficulty. Should there be new orders, the shipyard is able to fulfill them, because there is skilled labor prepared during this period of operation, and if necessary, it can be hired immediately”, said Matos.
Currently, fewer than 40 people work at the shipyard, out of a total that reached around 3,000. At its peak, EAS had approximately 7,000 workers.
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