A Light entered, this Friday (12), with a request for judicial recovery in the 3rd Business Court of the State of Rio de Janeiro, alleging debts of R$11 billion.
In a statement, the distributor says that the measure is the most appropriate to restructure its operations and guarantee the maintenance of its services.
“The company maintains and reaffirms confidence in its operational and commercial capacity to negotiate and approve a recovery plan that allows it to implement the intended solution,” stated the company.
Since the beginning of the year, the The market was already commenting that Light could seek judicial recovery, something that was initially denied by the company in February.
In the last 12 months, the company stock on the stock exchange devalued by more than 56%.
In addition to the announcement of the request for judicial recovery, the Light also presented, in the early hours of this Friday, the financial statement for the first quarter of this year from the company.
Overall, the company reported a net income of R $ 107,1 million, reversing a loss of R$106 million from the same period last year.
On its website, the ANEEL (National Electric Energy Agency) reported that will continue to monitor the economic and financial conditions of the distributor and that “will adopt the necessary preventive and/or coercive measures to ensure the adequate provision of the electricity distribution service in Light’s concession area”.
Operating in Rio de Janeiro since 1905, Light is present in 31 municipalities in Rio de Janeiro and has around 4,5 million customers. In total, the company covers an area of 11.307 thousand km² and brings energy to 11 million people, connecting 64% of the state's population to the electricity grid.
Judicial recovery
Judicial recovery is a process that allows companies and organizations to renegotiate their debts, avoiding bankruptcy, mass layoffs and/or lack of payment to employees.
Through this legal instrument, companies are released from paying creditors for some time. In return, they need to present a plan to settle the accounts and continue operating.
