The São Paulo Public Prosecutor’s Office (MP-SP) demanded that private assets be blocked by the executive and businessman Sidnei Piva. Sidnei owns the Itapemirim road transport group and recently started opening a new airline in Brazil.
Itapemirim has been undergoing judicial restructuring since 2016, but the airline’s project for 2021 has been retained. However, the plans may be at risk due to a resource blocking property of the company in São Paulo.
The blocking complaint began with prosecutor Nilton Belli Filho. The prosecutor claims that it is not possible to start a new business in another branch that is bankrupt. The prosecutor also alleges that there may be irregularities in raising funds, such as loans with fraudulent documents.
Nilton reiterates that there are discrepancies between the airline’s creation plan and the judicial restructuring plan the company adopts. The recovery process involves deferring payment to the company’s creditors, which would make it easier in part to invest in the new airline.
Prosecutors moved to freeze all of Sydney’s personal property, as well as freeze sales of the company’s active assets. The application serves to guarantee regular payment to the creditors.
As part of the whole process of restructuring the judiciary, it is planned to simplify payments to creditors in the long term. Additionally, in addition to payments, a business restructuring plan is usually placed on the agenda for evaluation and approval. If this plan is not approved, the company could go bankrupt.
Itapemirim was once the largest bus company in Brazil, reaching 1,700 buses in its golden age. The company currently has 573 buses, 303 of which have been prevented from traveling. In the early 2000s, Itapemirim faced the onset of the crisis. The company claimed that the “world recession” was the factor that sparked the crisis.
The group owner said the company is up to date with all the obligations of the judicial restructuring process. Sidnei said the new airline will come to improve Itapemirim’s services, generate higher profits and operate across the company’s network to expand.
In an official statement, Sidnei reiterated that the recovery process is coming to an end and that Itapemirim is already working to pay off its debt “to become one of the few Brazilian companies to recover amid a pandemic”.
“The current management of the Itapemirim Group is also aware that promoting business operations and restructuring the company, particularly in the aviation sector, in a coordinated manner and without affecting creditors’ payments, as is strictly done, is a major one Enabling security of compliance will plan to discredit any intent to block assets of the Itapemirim Group and its shareholder, ”Itapemirim said.
In an official note, Itapemirim said:
“We clarify that Sidnei Piva has not blocked the assets and challenged the file, categorically refuting the alleged irregularities. The request is a repetition of old demonstrations that have already been turned down.
The above process is nearing its end as the group is working to move forward with the settlement of the judicial restructuring plan and will petition in the coming days to become one of the few Brazilian companies that is recovering at this moment to a pandemic.
All investment projects of the Itapemirim Group are reported monthly to the administrator of justice and the judge, always with the aim of ensuring more transparency and smooth processes.
Itapemirim Group’s current management also believes that promoting business operations and restructuring the company, particularly in the aviation industry, in a coordinated manner and without affecting the payments of creditors, as it is strictly done, will provide greater security for the Adherence to the plan will allow. discredit any kind of intent to block assets of the Itapemirim group and its shareholder. “
Source: A Folha