For Lite's creditors, a new recovery plan cannot be approved

Lite's creditors reacted to the company's recovery proposal in the early hours of the day, and considered the plan impossible to be approved by those with the largest volume of credit, he told… Transmission of energy A convenient source for the company's senior creditors of up to R$5 billion of debt totaling more than R$11 billion.

“There was no consensus in the meetings, but nevertheless, they presented a plan that, as far as we know, does not have the support of anyone other than those with loans worth R$30,000,” said the source who agreed. Speaking without getting the specific name.

The company's proposal stipulates that this group will receive its full amounts within 90 days. At the individual level, there is a large number of holders of low-value loans: approximately 28 thousand creditors, but in value terms they represent only R$ 300 million, a small amount of the company's debt.

According to this interviewer, the company needs to reduce its leverage by R$3.2 billion, part of which will come from reference shareholders and the other from the transfer of credits. However, this is precisely one of the points criticized by creditors, who evaluated the exchange ratio offered by the company as very unfavorable. “They propose that the shareholder buys one share and takes three, while the creditor only takes one share. There is no requirement.”

For this source, taking into account that after the renewal of the franchise it will last 30 years, the ideal would be a softer proposal for the credit holders of the company, but the company's management has a proposal aimed at tightening this group to move with peace of mind. In the future.

Another point highlighted is that the plan presented by Light is very bad for anyone who does not accept the terms of the transfer. According to the company's proposal, those who do not accept the proposal will receive a single payment in the 15th year, equal to 20% and corrected by IPCA. In a statement issued to the CVM, the company advised that “notwithstanding this option provided for in the plan, the company does not expect to pay any creditor under these terms.”

On the other hand, a person close to Light, who also agreed to speak anonymously, believes that this proposal is more in line with the reality of the company, which has major restructuring commitments and is in the process of restructuring. Negotiation process with the government to renew the power distribution concession in Rio de Janeiro.

“It is a sustainable plan for Light to meet its obligations,” the source said.

This source states that, given the characteristics of Lite's business, the company needs to maintain investments and maintenance in its assets, to avoid penalties from the National Electric Energy Agency (ENEL). Furthermore, any problems with service delivery could negatively impact negotiations with the government regarding renewal of the concession.