Supervisor of the Itapemirim Group challenges the corporate’s chapter in court docket
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.
THE transconsult, manager of Itapemirim Group since May, filed a lawsuit in court to ask for the reversal of the bankruptcy decree of the company, which 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 action, the office team Ward and Toledo Piza Advogados, who takes care of the case, says 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 heard. One of the group’s controversies was the launch of an airlinein the midst of a judicial recovery, which operated for a few months, leaving passengers without assistance.
“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 recovery, 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 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, at that moment, the company bankruptcy. “The creditors chose to dismiss the former managers and appoint a new management because they trust in the uplift and in the economic-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, which represents the group that has debts of R$ 90 million, said that the court’s decision was hasty and did not allow 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, Joao de Oliveira Rodrigues Filhofrom 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 has no “capacity to recover its market position and honor its commitments”.