Light files for judicial recovery with a debt of R$ 11 billion

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The company says that “it has been evaluating alternatives and making efforts in seeking to solve its own financial obligations and others for which it is also co-obligated”. Electricity theft already represents more than half of the energy distributed by Light Reproduction/TV Globo Light SA, parent company of the Light Group, filed a request for judicial recovery at the 3rd Corporate Court of the Judicial District of the Capital of the State of Rio de Janeiro, with a debt estimated at R$ 11 billion. The request was made on an urgent basis because, according to a document issued by the company, “the challenges arising from the current economic and financial situation of the Company and some of its subsidiaries remain and are getting worse”. The biggest problem faced by Light today is energy distribution. This segment, according to an analysis by Camilla Dolle, Mayara Rodrigues and Natalia Moura, from XP Investimentos, is the company’s most relevant. On the other hand, the company has been increasingly suffering from the theft of electricity in Rio de Janeiro, which reduces revenue and generates financial losses. “Due to the socioeconomic complexities of Rio de Janeiro, there is a high level of energy losses in Light’s concession area, which is one of the most difficult in the country in operational terms, resulting mainly from the high theft of energy”, highlight the analysts. Light’s companies The electricity company claims that it is evaluating alternatives and has been “making efforts”, with the help of financial and legal advisors, to resolve its financial obligations, as well as those of other companies for which it is responsible. The Light Group comprises: Light Serviços de Eletricidade (Light SESA), which operates in energy distribution; Light Energia, which operates in power generation; LightCom, which operates in the commercialization of energy; In addition to the group, Light SA is also a joint controller of Amazônia Energia Participações, a company created to participate in the Belo Monte hydroelectric power plant project, and Axxiom Soluções Tecnológicas, a company that offers services in the area of ​​information technology.

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