President of Light’s energy distribution company resigns

In the midst of a judicial recovery process, the CEO of light session, an energy distribution subsidiary of the fluminense Energia Light, resigned this Saturday (17). Thiago Freire Guth should remain in the company’s direction until the end of this month.

The executive also leaves the board of directors of Light Energia, the group’s generator. He had held the positions since April.

Light does not comment on the case. But, in a statement to the market this Saturday, it officially announced the receipt of the resignation request, with effect from the next 30th.

The leadership of the group continues under the management of Octávio Pereira Lopes, CEO of Light and chairman of the boards of directors of Light Sesa and Light Energia. It was Lopes who held the position of CEO of the distributor until Guth took over.

Judicial recovery

Light filed for judicial recovery with the Justice of Rio de Janeiro in May. The company deals with a BRL 11 billion debtwith which it alleges not being able to afford and still pay the costs of concession services.

Although the debt belongs to the distributor, the request was made by the holding company, since the distribution subsidiary does not have legal permission to use this type of resource in the state.

Among the justifications, the company defends losses due to the theft of energy, a historical issue that would have reached very expressive rates, in addition to losses in collection due to a drop in energy consumption.

In the midst of the crisis, the company is still facing a battle with part of the concessionaire’s debenture creditors, which holds around R$ 3 billion in debt securities. They question in court the recovery mechanism undertaken by the company.

Light Sesa is responsible for distributing energy to 31 municipalities in Rio de Janeiro.