Rodrimar’s reorganization plan is annulled

The São Paulo Court of Justice (TJ-SP) annulled the judicial reorganization plan of Rodrimar Group, which operates in the port of Santos. Generally, in decisions like this, the company is declared bankrupt. But Rodrimar managed to avoid that.

The judges of the 1st Chamber Dedicated to Corporate Law allowed a new payment plan to be presented to creditors. For this, however, three companies of the group that are not undergoing judicial recovery will have to be included in the process: Master Operator Port, GRCMAC Locações de Equipamentos, and LAC WordWide do Brasil Transportes Internacionais.

The justification for determining the inclusion is that the partners and the control relationship of all companies are the same, there is a confusion of assets and there was a migration of activities to third parties from companies that are under judicial recovery

Creditor’s Request
The TJ-SP decision meets the request of creditors who are responsible for 70% of the amounts that are being negotiated in the judicial reorganization process. These creditors had rejected the payment plan presented by the Rodrimar Group at a general meeting held in December 2020, but the reorganization judge found that there was an abuse of vote and declared the plan approved.

The court, therefore, is now reversing the lower court decision (Case No. 2059599-98.2021.8.26.0000). “It is no exaggeration to say that suppressing the vote of the appellants would be to suppress the judicial reorganization itself, as 70% of the debtors’ crisis is caused only by the debt to them. What will be granted, in fact, will be another judicial reorganization, dedicated to only 30% of the existing credits”, stated appeals court judge Cesar Ciampolini.

Source: Valor Econômico

To read the full original article, visit the link:

https://valor.globo.com/legislacao/valor-juridico/post/2021/09/rodrimar-tem-plano-de-recuperacao-anulado-no-tj-sp.ghtml

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