World’s largest shipowner approved to buy plot in Brazil’s Atlantico Sul Shipyard

After a long judicial battle between competitors, the Court of Ipojuca finally approved the sale of internal areas of the Atlantico Sul Shipyard (EAS) to a subsidiary of Maersk, one of the largest shipping companies in the world.

“In view of the preceding, I GRANT the sale of UPI-B Cais Sul for the total amount of BRL 455,000,000.00 (four hundred and fifty-five million reais) to APM Terminals B.V, declaring it the winner of the bidding process, pursuant to a proposal presented, in accordance with the manifestation of the Judicial Administrator in ID 110823844,” wrote the judge of Ipojuca, of the 1st Civil Court of the local district.

The magistrate records in the decision that all interested parties were called to speak, allowing creditors, the Company under Reorganization, and the Public Prosecutor’s Office, the faculty, if they wished, to present objections within 48 hours (forty-eight hours).

Despite the subpoenas, the deadline elapsed without the Public Ministry, the Municipal, and National Treasurys commenting on the order of ID 110906108, except for the State Treasury, which did so.

“ICTSI Rio Terminal 1 Brasil S.A. (ID 111417585) challenged the competitive process, and the objection was raised, particularly with regard to APM Terminals B.V’s preemptive right as a Stalking Horse.”

Criticisms of the Tecon Saupe Group

In the same order, the judge criticizes competitors who attempted to obstruct the sale, in this case, the local company Tecon Suape and the Philippine container terminal in Rio de Janeiro, which the same group owns as Tecon Suape.

“… as mentioned by the Judicial Administrator, the sale of UPI-B could already be generating benefits for the company under reorganization, with the situation having extended in time due to several insurgencies in this regard, all of which were rejected by this court and on appeal”.

“Concerning the argument of undervaluation of the asset or lack of valuation, with the judicial reorganization plan approved by the creditors and approved by this court, the asset valuation report was presented, according to article 53, III, of Law 11.101 /2005, giving rise to further discussions. In addition, the objecting party itself presented a proposal without certainly not discussing this point, which denotes an ambivalent procedural action with its previous acts.

Finally, I emphasize that, pursuant to art. 143 §1 of Law 11.101/2005, “Challenges based on the sale value of the asset will only be received if accompanied by a firm offer by the objecting party or a third party for the acquisition of the asset, respecting the terms of the public notice, for a present value greater than the value of the sale, and a security deposit equivalent to 10% (ten percent) of the amount offered.” Therefore, the CHALLENGE presented by ICTSI Rio Terminal 1 Brasil S.A. does not meet admissibility conditions, which is why I REJECT the challenge above.

Source: Jornal do Comércio

To read the full original article, please go to: https://jc.ne10.uol.com.br/colunas/jamildo/2022/08/15064444-justica-homologa-venda-de-area-do-estaleiro-atlantico-sul-para-maior-navegadora-do-mundo.html

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