Light obtained a preliminary injunction in the Rio de Janeiro courts, extending the payment deadlines for debts owed to banks, securities distributors and an investment fund by 30 days.
This period can be extended for another month. In the decision, it was also determined that the concessionaire's mediation procedure with creditors must begin immediately.
For Fernando Brandariz, a lawyer specializing in Business Law and Judicial Recovery, Light will do its utmost to reach an agreement with creditors. “If this is not possible, the company will try to file for judicial recovery by making an extensive interpretation of the law that governs this.”
On the other hand, Brandariz explains that article 18 of Law No. 12.767/2012 establishes the non-application of judicial and extrajudicial recovery regimes to electric energy concessionaires, except after the termination of the concession.
Despite this, the expert highlights that the possibility of the company filing a request of this kind is not ruled out in order to maintain services and revenue as a way of paying creditors.
The court's decision involves the suspension of R＄11 billion in debts, in addition to the interruption of debt early maturity clauses. Light offers distribution, generation and sale of energy to more than 30 municipalities in Rio de Janeiro, including the capital of Rio de Janeiro. The dealership currently employs around 13,8 employees.
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