América Energia filed a request for precautionary relief with the Bankruptcy and Judicial Recovery Court of São Paulo last Thursday (9), seeking protection against debt execution. The legal instrument, which precedes a judicial recovery process, aims to protect the company while it tries to restructure its finances.
In recent months, the energy trading company—which also owns generation assets—failed to fulfill some of its energy market commitments. According to the company, the financial crisis stemmed from contracts signed with Gold Energia, another trading company that failed to honor its agreements, causing a knock-on effect and an estimated R$75 million loss for América.
The company claims it faces legal proceedings from creditors such as EDP Trading, Eneva, and Safira Energia, and fears further lawsuits that could jeopardize the restructuring process. The injunction request seeks to prevent the escalation of debt collections and create a more stable environment for negotiations.
In a legal statement, America declared its willingness to honor its commitments, including through the sale of solar and wind generation assets built over the past 15 years.
"To reduce their market exposure and balance their contracts, this asset is being made available and negotiated. The Plaintiffs trust that such negotiations will take place in a more structured manner and with a greater chance of successful resolutions once this precautionary measure is granted," reads an excerpt from the document obtained by Canal Solar.
The request for protection from creditors establishes a stay period—a period of temporary suspension of debt collection—of 60 days. If mediation attempts with creditors fail, América Energia may convert the request to judicial or extrajudicial recovery.
The company's list of creditors includes 25 energy traders, including Shell Energy, Cemig, Enel, Comerc, Auren, EDF Renewables, Statkraft and Thopen.
Gold Energy Case
On September 10, the ANEEL revoked the operating authorization of Gold Comercializadora de Energia after the company breached contracts in both the regulated and free markets. The agency also ordered the filing of a Public Civil Action against the company's partners and directors.
According to Director Fernando Mosna, the reporting judge in the case, the trading company acted speculatively, accumulating losses of approximately R$1 billion for creditors. Of this amount, approximately R$300 million fell to the regulated market.
Gold filed an administrative appeal challenging this decision. ANEEL.
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