Decision says Raízen must ask the court a decision on interruption in supply (ISTOCK/Tarcisio Schnaider)
The United States Court issued a order to maintain the supply of fuel by Raízen to Blue (Azul4), after the airline’s request on Sunday to prevent Raízen (RAIZ4) from suspending fuel supply, according to a court document.
In correspondence on 18 June, Raízen, one of the largest aviation fuel distributors in Brazil, informed Azul that the fiduciary agent of the 12th airline debenture issuance, Vortx, reported that the company was in default on the payment of amortization and compensation of the title since June 12.
“Thus, Raízen… requests Azul’s demonstration urgent Avoid suspension of supplyGiven the period of three working days that Raízen has to implement the ‘stop supply’ mechanism, ”said the fuel distributor in the correspondence attached by Azul and delivered to the US court, where it runs its judicial recovery.
Azul had claimed in the request to the US court that the vortx action was “illegal” and that the interruption in the supply of fuel, if performed, “endanger the ability of blue to reorganize successful under judicial recovery ”.
“The action of the fiduciary agent represents a violation of the terms of judicial recovery,” said Azul.
In Monday’s ruling, the US court has brought about Azul, preventing Raízen fuel supply without first filing a request to the Court.
Sought, Vortx said it does not comment outside the official communications for the market, while Raízen said it will not speak.
According to the statement of the US court petition, Azul states that Raízen, a joint venture between Shell and the Cosan Group, is responsible for about 68% of the airline’s fuel needs on domestic routes and its infrastructure “spreads through dozens of airports where there are no viable alternatives.”
The airline also states in the document that even a brief interruption in supply would cause a “cancellation of canceled flight events, land aircraft and irreparable reputational damage.”
Azul’s shares ended Monday’s auction with a 4.08%drop, quoted at R $ 0.94, while Ibovespa closed with a decrease of 0.41%.
Source: Moneytimes
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