Maxmilhas, from 123milhas, requests judicial recovery – 09/21/2023 – Market

Maxmilhas, which belongs to the 123milhas group, filed a request for judicial recovery this Thursday (21) at the TJMG (Court of Justice of Minas Gerais) declaring debts of R$226 million.

According to the company, the action is due to the effects on the online tourism agency market resulting from the restructuring of 123milhas, which entered into judicial recovery at the end of August.

If a request for judicial recovery is accepted, the company is able to avoid debt collection and gains time to organize a payment plan.

“Although Maxmilhas has an independent operation [da 123milhas]the market has been significantly impacted, which has significantly hampered the company’s financial capacity”, he stated in a note.

123milhas entered judicial recovery on August 31, with debts of R$2.308 billion. This Wednesday (20), the 21st Civil Chamber of the Court of Justice of Minas Gerais suspended the action at the request of Banco do Brasil, the company’s largest creditor. If Maxmilhas’ request for an amendment is granted, the value of 123milhas’ case will be adjusted to R$2.534 billion.

“The judicial recovery is suspended, so any addition made to a suspended process cannot have legal effect”, says Gabriel de Britto Silva, a lawyer specializing in consumer law and legal director at Ibraci (Brazilian Institute of Citizenship).

“The court has already demonstrated its understanding in the sense that in order to analyze any request for recovery, a prior expert analysis of the operational viability of the company must be carried out through the prior verification procedure. It is essential to conclude whether the economic activity of the company is viable or not and to find out whether the companies under reorganization effectively meet the requirements for the request for judicial recovery or whether it would be a case of bankruptcy”.

According to the process, filed with the 1st Business Court of Belo Horizonte, the 123milhas crisis generated an abrupt drop in Maxmilhas sales. Its revenue would have fallen, in one month, by 70% with the sale of airline tickets and 90% with the sale of accommodation.

The company stated in a statement that there will be no suspension of any product and that it has not canceled tickets or accommodation reservations. With 10 years of operation, Maxmilhas has sold around 12 million trips in the country.