Comil approves judicial reorganization plan.

One of the most anticipated decisions in judicial reorganization processes came to a close this Thursday (25) in the interior of Rio Grande do Sul. A creditors' meeting approved the judicial reorganization plan of the bus manufacturer Comil, with the support of 99% of the creditors, representing 60% of the credits. The plenary session was held in Erechim, in Alto Uruguai, Rio Grande do Sul, on the border with Santa Catarina. The company has a debt of R$ 438 million. 1,390 creditors were present. All workers voted for the approval of the plan, informed Silvio Luciano Santos, partner of the law firm Medeiros, Santos & Caprara, which advises the company in the process, which also has the participation of the law firm Dárcio Vieira Marques and Rafael Brizola Marques. With the decision, Comil enters a new stage of the reorganization, which began in 2016. There will be two years to implement what the plan foresees, under the supervision of the Court. After this period, the reorganization is concluded, and the company continues its operation, continuing the agreement with debtors. If the measures are not complied with within two years, bankruptcy may be requested. “The approval of the plan is a very important milestone for the company. The negotiations have always been based on the principle of preserving the company and engaging creditors, so that they would adhere to the plan and support the restructuring,” emphasizes Santos. “The result of the assembly proves the company's viability,” reinforces the lawyer. Comil has 1,050 employees and manufactures an average of five buses per day. Last year, production grew by 29%, and revenue reached R$ 300 million. Since filing for judicial reorganization, the manufacturer has kept payments to employees, suppliers, customers, and public agents up to date, the lawyers assure.

Jornal do Comércio (https://www.jornaldocomercio.com/_conteudo/economia/2019/04/681302-comil-consegue-aprovar-plano-de-recuperacao-judicial.html)