Creditors of Petropolis Group agree to judicial recovery

It owns Itaipava and other beer brands, and the company has debts of R$5.6 billion with more than 5,000 creditors.

Judicial recovery plan Petropolis Group It was approved on Monday night (September 11, 2023) by a majority of 96.4% of creditors. In order for the document to enter into force, the document must be approved by the court. The group’s debts amount to R$5.6 billion, with more than 5,000 creditors.

The company responsible for producing Itaipava, Cristal and Petra beer, among other brands, filed a request for judicial restitution on March 27. One day later, the Fifth Business Court of Rio de Janeiro decided, as a precaution, to anticipate the effects of the operation. Thus, debt collection was prevented.

If the plan is approved, priority will be given to paying the salaries of the group’s employees and former employees. Debts up to R$ 6,600 must be repaid within 30 days of approval. In other cases, payment will be made in installments from 11 to 84 installments, depending on the amount due.

Secured creditors will be repaid by the end of 2035, with a 70% discount. Suppliers and unsecured creditors have 10 business days from the date of plan approval to choose whether they prefer to receive the amount due at a 70% discount or pay R$10,000 within 30 days. As for those who do not respond, the secured creditors rule will apply to them.

here Complete judicial recovery plan (PDF – 478 KB) Presented by the company at a meeting on Monday (September 11).

The judicial management of the Petropolis Group operation was entrusted to the company Maintaining the work of the judicial administration And the law office Zveter.

Note from the Petropolis Collection

“The consolidated judicial recovery plan of Petropolis Group was approved on Monday, September 11, by 96.4% of all voters at the General Assembly of Creditors, corresponding to 83.26% of the credits subject to judicial recovery.

“Following council approval, the consolidated plan will be submitted for judicial approval, and once approved, it will come into effect.

Petropolis Group, owner of the Itaipava, Petra and TNT brands, among others, believes that the plan will allow “the adoption of the necessary measures to realign the company’s debt and capital structure, allowing the resumption of investments and production in its plants and ensuring the creation of thousands of direct and indirect jobs throughout The country.