Botafogo files proposal to pay R$400 million in debt – News of Brazil
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Botafogo filed this Wednesday (20), at the Court of Justice of the State of Rio de Janeiro, a proposal to pay historical debts worth around R$400 million. The club proposes to settle debts with civil creditors, such as companies, businesspeople and former athletes, with monthly payments over the next 15 years.
According to the Botafogo statement, the proposal presented this Wednesday has a “significant adherence of the total number of creditors” and will enable the club to solve problems that have persisted for up to 20 years. Alvinegro cites debts with Oderbrechet and Rodrigo Bekcham, who played for the club in the early 2000s.
Botafogo’s proposal comes about a month after the approval of the new agreement in the Labor Centralized Execution Regime (RCE), in November. The RCE is a tool provided for by the SAF Law, in which the club makes monthly payments, avoiding seizures and judicial executions.
With the acquisition of SAF alvinegra, John Textor’s management took on Botafogo’s debts as one of the main challenges and obligations. As set out in the 2022 financial statement, the businessman and the associative club “recognized the commitment to transfer up to R$900 million over the next few years” aiming to settle existing liabilities” at the time of the agreement.
“We are advancing in another stage towards the equalization of all Social Club liabilities. After the new agreement on labor debts was approved, we worked very intensively to resolve civil debts as well. This recovery process is crucial for us to resolve once and for all the club’s suffocating debt and put Botafogo back on the path to success that it so deserves.”said Thairo Arruda, CEO of Botafogo.
Source: CNN
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