Banco Santos: Veríssimo Group closes agreement – 14/12/2023 – Panel SA

The TJSP (São Paulo Court of Justice) authorized, this Thursday (14), the payment of a debt of R$ 120 million by the Veríssimo Group to Banco Santos, putting an end to a years-long dispute that had been blocking the settlement of accounts with other creditors.

The expectation, now, is that the Court will authorize the auction of around R$500 million in outstanding credits. There are several banks interested in the business.

In the decision, judge Paulo Furtado de Oliveira Filho imposed the debt to be paid in 24 months with interest of 1% per month.

In the process, he mentions the existence of two debts of the Veríssimo Group, totaling R$223 million without legal charges.

Each of them refers to a process. One of them involves J. Alves Veríssimo, with a value of R$115.5 million. The other is from Verpar, worth R$108.3 million.

“As for the value of the first debt, there is no prospect of immediate receipt, as there was a seizure of properties and fruits and income of certain companies”, writes judge Paulo Furtado de Oliveira Filho.

“Regarding the second debt, the TJSP decided that it is not liquid and certain, as the ‘amount actually owed or settled, through settlement by arbitration’, must be determined.”

The seizure he refers to involves 50% of the Eldorado shopping mall, located in the west zone of the capital of São Paulo.

Historic

The debt refers to a contract signed in July 2004 between Santos and a company from the Veríssimo Group, which initially offered R$80 million to end the discussion.

After a round of discussions, there was a counter-proposal of R$132 million.

The magistrate then asked that creditors, banker Edemar Cid Ferreira and the Public Ministry be heard.

Some of the creditors supported the approval of the agreement, while another party requested a review of the amount and payment deadline. The former banker vetoed and asked for the agreement to be suspended.

The Public Ministry then requested a review of the terms, but not the suspension of the agreement, as Edemar wanted.

With Diego Felix

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