Amid judicial recovery, Light presents new payment plan

New proposal provides for payment within 90 days for 60% from creditors

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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 warrant (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 IPCA + 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 CDI + 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 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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