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Home Rio Grande shipyard will be saved! Creditors approve recovery plan

Rio Grande shipyard will be saved! Creditors approve recovery plan

28 June 2018 to 08: 54
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shipyard rio grande industria naval

After an intense meeting with Ecovix's creditors, your shipyard will now be able to resume activities

Great and bombastic for the Rio Grande Shipyard, which belongs to Ecovix in Brazil. Its creditors used their sensitivity and overlooked the plan to recover the company, along with one of its largest Brazilian naval hubs, in Rio Grande Do Sul. The majority voted in favor, there were 84 votes for and 11 against the project, this session lasted about 4 hours on June 26th. The idea is that this project can serve as a precedent for other shipyards across Brazil.

The sum total of Ecovix's debts at this moment are over 7 billion reais. Until then, the shipyard's facilities had been abandoned due to lack of projects and projected contracts. With this decision taken, the risk of bankruptcy for the shipyard is gone, which will allow the acquisition of new contracts for the shipbuilding industry in Rio Grande do Sul. Despite being confidential, Ecovix has already been seeking, together with other companies, the resumption of the following types of services:

  • port activity,
  • Repairs on oil rigs and vessels,
  • steel processing for the metalworking industry
  • Completion of the P-71 platform, whose work was canceled by Petrobras

How the crisis started at Ecovix

Recapitulating that Petrobras ended up hiring Ecovix in 2010 to build 8 platform hulls and after 3 years, activities ended up being interrupted when Lava Jato operations were triggered, ceasing practically all activities of the state-owned company at the time. At the end of 2016, the project that cost more than 9 billion reais was aborted, causing mass layoffs of more than 3 workers.

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