On August 5, Thursday this week, Sao Paulo courts reviewed the July 16 decision to temporarily allow funds from auctions of Itapemirim Group assets, and related acquired amounts, to be used to fund an airline.
Last month’s decision was to deposit the collected amounts into a court account, claiming that the recovery plan had not been implemented, which Itapimirim denies. The new letter, signed by Judge Eduardo Azuma Nishi, suspends this decision and opens up resources until the judicial official submits a new document detailing the amounts to be refunded to the crediting parties, and the dispute between the parties resolved.
After the judicial official presents the new account, the courts must make a new decision, which again may be unfavorable for the Itapemirim group.
Creditors – The decision to use money from judicial reorganization auctions to fund the airline is contested by the group’s creditors, who advocate maintaining the 80% rule. In this rule, it is expected that, out of the total amount collected from the sale of assets, this proportion will be used to pay the creditors.
Financing – on May 4, We show firsthand that startup airline Itapemirim Transportes Aéreos, while newly approved by the National Civil Aviation Agency (ANAC), has received a contribution of R$29 million from the Itapemirim Group, from asset auctions conducted within the scope of judicial reorganization.
This fact was evidenced by a statement made by the former CEO of the group, at the end of last year, in which he said that the company would be funded with its own capital initially. Months later, in June 2021, the airline’s current CEO, Adalberto Bogsan, You mentioned in an interview that the company continues to finance itself.
Let’s wait for the scenes in the upcoming chapters.
