Transconsult, manager of the Itapemirim Group since May, filed a lawsuit in Justice to request the reversal of the bankruptcy decree of the companywhich took place a week ago.
The justification is that the decision was hasty and did not give chances for the recovery of the company under the command of the new management, which, according to the action, was already showing positive results.
In the action, the team of the Ward e Toledo Piza Advogados law firm, which handles the case, claims that the decision for bankruptcy was taken only on the basis of the judicial administrator – the creditors, who have different opinions on the case, would not have been ears.
One of the group’s controversies was the launch of an airline, in the midst of a judicial recoverywhich operated for a few months, leaving passengers unattended.
“Still, it is reasonable to believe that the will of almost integrality of the creditors is reinforced by the management shock imposed by the new administration, which in a short space of time implemented measures that had a positive impact on the uplift of the group, going from a billing of zero reais to approximately R$ 180 thousand reais/day”, according to the action, to which the newspaper O Estado de S. Paulo had access.
The document also mentions the fact that creditors did not have the opportunity to vote on the proposal for a new judicial reorganization plan, which could give the company a chance to recover. “No significant new facts occurred that impeded the creditors’ opportunity for deliberation,” the suit reads.
It also mentions that the replacement of the company’s manager was approved by 9.96% of the creditors gathered at a general meeting of creditors.
Thus, the lawsuit’s argument is that, as the creditors themselves believe that the company has a chance of recovery, there would be no justification for declaring the company’s bankruptcy at that moment. “The creditors chose to dismiss the former managers and appoint a new management because they trust in the uplift and in the economic and financial viability of the companies under reorganization.”
Also this week, a group of creditors will ask for the suspension of the company’s bankruptcy, as shown by the newspaper O Estado de S. Paulo last week.
The managing partner of Queluz, John Schulz, who represents the group that has debts of R$ 90 million, said that the court’s decision was hasty and did not give time for the company’s recovery. “We were shocked by the decision (which declared bankruptcy),” he said at the time.
The judge who signed the bankruptcy decree, João de Oliveira Rodrigues Filho, of the 1st Court of Bankruptcy and Judicial Recovery of the Court of Justice (TJ) of São Paulo, said that all indications are that the group does not have any “capacity to recover its market position and honor its commitments”.
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Source: Moneytimes
I am a journalist with over 6 years of experience working in the news industry. I currently work as an author for Global Happenings, and my coverage focuses on Technology news. I have written for various publications, including Reuters, The New York Times and The Guardian.
