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Sale of the Internal Dock of EAS Drags On for Months in a Conflict Between Filipinos and Danes
The auction for the sale of the internal dock of the Estaleiro Atlântico Sul has a new date set. However, we still do not know if this will indeed be the final chapter of the controversy surrounding the process. This is because, in previous instances, when we thought the bidding event would actually take place, a new fact would stir the local courts, involving Tecon and Maersk; and everything got held up.
This is a battle of giants. Tecon, a company based in the Philippines, already operates at the Port of Suape, where the Estaleiro Atlântico Sul is located (in the municipality of Cabo de Santo Agostinho – PE), and intends to secure the entire space for sale, allied with the group North Tabor Capital, which together presented a bid of R$ 1.2 billion, along with the promise to bring two new companies to resume ship production.
It was the Filipinos who requested more than once the suspension of the auction of the Estaleiro Atlântico Sul to try to outmaneuver Maersk. The first request was unsuccessful. On the second attempt, now allied with the international consortium, the request was granted and the suspension happened one day before the bidding event, which was set to take place on July 6.
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Tecon argued that “it was necessary to observe the constitutional principle of isonomy to ensure equality of opportunities; however, the Recovering Company (Estaleiro) decided to confer Stalking Horse status to the company APM Terminals B.V. (APMT), part of the Maersk group, to establish a predefined condition of privilege, constituting the prerogative of the right of preference through the opportunity to cover the best offer.”
Maersk was in advanced talks with the Port of Suape. The Danish company’s bid is R$ 895 million for the southern dock and an investment of up to R$ 2.6 billion in a new terminal for handling 400,000 containers on-site. The TEU operation is currently viewed by the port’s management as more attractive in terms of profitability, compared to the manufacturing and repair of vessels.
Dates of the Auction for the Estaleiro Atlântico Sul
The Court of Ipojuca, a neighboring municipality to Cabo de Agostinho, both on the southern coast of Pernambuco, has agreed with creditors that the auction for the Estaleiro Atlântico Sul will take place on Thursday (21), with proposals being able to be submitted until the day before.
Estaleiro Breaks Silence and Criticizes Tecon and Allies
An important blog on politics and economy in Pernambuco reports that the Government of Pernambuco demanded that the Estaleiro Atlântico Sul publicly address the controversy involving Tecon and Maersk regarding the auction.
Then, the Estaleiro began to criticize Tecon for not even having visited the sales location. Regarding the Stalking Horse condition granted to Maersk, the management states that it is something very common in judicial recovery processes worldwide and that this, besides being included in the announcement, was approved twice by the creditors.
About North Tabor Capital, Tecon’s ally, the Estaleiro states that the group lacks credibility since the auction process follows legal rules and provisions in the announcement, approved by the court and judicial administrator, with the consent of the creditors, determining what the requirements are for the habilitation of competitors, sources of financing, and guarantees to be provided; and none of these requirements have been presented.
Is the Controversy of the EAS Auction Nearing Its End?
The Estaleiro Atlântico Sul is expected to legalize the auction process. Management sees the enterprise as a major job creator, with a valuable asset capable of generating wealth by optimally utilizing the area positively, paying creditors and meeting regional needs.
The Estaleiro Atlântico Sul has about 500 employees. Between 2007 and 2014, the entire EAS generated over 11,000 jobs. At that time, the state of Pernambuco was noted for being in a situation of near full employment (when the unemployment rate does not exceed 6%).
In 2021, EAS performed services on 11 vessels, generating revenues of R$ 65.4 million, making a net cash generation of R$ 26.6 million possible. The enterprise is managed by the construction companies Queiroz Galvão and Camargo Correa.
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