The Light dealership SA, which is in the process of judicial recovery, filed last Friday (23) an addition to its plan presented in July 2023.
According to the company, this measure preserves the company's investment capacity. Furthermore, the proposal also ensures Light's economic and financial sustainability, which influences payment conditions to creditors.
The plan foresees up to R$1,5 billion in new investments, with the intention of the reference shareholders to contribute R$1 billion.
According to Light, this proposal meets the demands presented by creditors and guarantees compliance with sectoral and society commitments.
Plan Details
In this proposal, the company proposes a capitalization of R$1,5 billion. Of this amount, R$1 billion will be anchored by the company's reference shareholders. There is also a forecast warrants (subscription bonus) with two additional shares for each new share
Furthermore, creditors are divided into: converting supporter, non-converting supporter, financial supporter, non-supporting supporter and small creditor.
Creditor Supporter Converter
- Converts 40% of credits into company shares via convertible debentures. This option is limited to R$2,2 billion.
- The rest of the credits are remunerated at HICP + 4% per year.
- Amortization in 8 years
Credit holders up to R$30 thousand
- Full payment, in cash, within 90 days after plan approval
- Measure will benefit around 28 thousand creditors, or around 60% of the total number of people who hold debentures
Non-Converting Supporting Creditor
- You will not receive shares in the company
- 100% of credits remunerated at IPCA + 2% per year
- Amortization in 12 years
Financial Support Creditor
- Remuneration to long-term contract, + 0,5% per yearcapitalization
- Amortization in 10 years
- With the condition of making foreign exchange and interest derivative lines available to the company and its affiliates, thus collaborating with the Judicial Recovery
Non-Supporting Creditor
- Anyone who does not adhere to any of the options above
- Single payment in the 15th year, corresponding to 20% and adjusted by the IPCA
- Although this option is provided for in the plan, the company does not foresee payments to any creditor under these conditions
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