On November 5th, the 3rd Panel of the Superior Court of Justice ruled, through the judgment of REsp 1841466[1], under the rapporteurship of Minister Ricardo Villas Bôas Cueva, on the impossibility of seizing stock options. The case focused on the possibility of a third party exercising the right to purchase shares in […]
CPDMA BLOG
Category: News
Date: October 8, 2019
Posted by: CPDMA Team
Frigor Frigol fulfills plan and judge ends judicial recovery
As he understood that the process had reached its objective, Judge Mario Ramos dos Santos, of the 2nd Vara de Lençóis Paulista, declared the plan fulfilled and decreed the end of the judicial recovery of Frigol — the 4th largest producer of beef in the country — under the terms of the articles 61 and 63 of Law 11,101/2005. The company had been in recovery since 2010.
"It appears that the company under reorganization regularly complied with the obligations assumed in the regularly approved plan, which is why, in this case, the judicial reorganization must be considered successful, with the objectives provided for in the applicable legislation remaining fulfilled, since it was found to be the protection of the interests of creditors, or the administrative and economic reorganization of the company under recovery”, said the judge.
Of the 2,006 creditors eligible for recovery, 99.1% have already received their credits in full. The remainder, 0.84%, is composed of 17 creditors: 15 are already receiving the installments due, while the other two are in parallel negotiations.
The magistrate highlighted in the sentence the hiring of 974 Frigol employees during the recovery period. Now, the company is “responsible for 2,562 direct jobs”.
This was the second time that the Justice decreed the end of Frigol's recovery plan. In the first, in January 2016, a creditor questioned the decision and appealed to the TJ-SP. The appeal was granted and the case was returned to the original court.
New documents were presented to show that the meatpacker honored all the obligations assumed in the plan. There was a new request to close the recovery. As this time there were no questions from the creditors, the judge accepted the request.
Source: Tábata Viapiana via Conjur.
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