Justice cancels meeting of Cruzeiro creditors

creditors meeting canceled
photo: Staff Images/Cruzeiro

creditors meeting canceled

Cruzeiro communicated this Tuesday night (6/12) that it was informed about the cancellation of the meeting of creditors, which would be held on the 7th and 15th of December. The suspension took place by order of the Justice, which understood that the creditors should have more time to analyze the alterations made by the Judicial Recovery Plan of Raposa.

Through an official note, Cruzeiro highlighted that these changes were made to meet the requests of the creditors themselves and stated that it will comply with the decision of the Court of Justice of the State of Minas Gerais – TJMG. In addition, the club stressed that it will continue to adopt the necessary measures to hold the meeting of creditors – read the full note at the end of the article.

The meeting, which tends to be online, had been scheduled for the 7th of December, with a second call on the 15th. On the first occasion, the discussion would take place if there were half plus one of the creditors. On the last call, the meeting would start regardless of the number of people.

The plan for paying creditors was sent to the court in September. The discharge of debts will occur through classes, dividing the groups of creditors.

Altogether, Cruzeiro tries to renegotiate BRL 537 million with creditors. It should be noted that the tax debt will be the responsibility of the SAF. Therefore, it is not contemplated in this plan.

Read Cruzeiro’s official note on the cancellation of the meeting

The Civil Association Cruzeiro Esporte Clube – In Judicial Reorganization, received notice of the cancellation of the General Meeting of Creditors, which would be held this Wednesday, 12/07, on first call, and on the next 12/15, on second call.

Despite not having yet been subpoenaed, Cruzeiro learned that the cancellation occurred because the Court understood that creditors should be given more time to analyze the changes recently made by the Association to the Judicial Recovery Plan. In this regard, Cruzeiro points out that the changes were made to meet the requests of the creditors themselves, with improvements in the payment method of the respective credits. And the alteration of the plan, according to the law (11.101/2005, art. 56, paragraph 3), can be made even in the Assembly itself, which is common in judicial reorganizations.

The decision of the Court of Justice of Minas Gerais makes it possible to verify that the accusations about the existence of alleged fraud in the list of creditors, or attempts by Cruzeiro to manipulate quorums of the Assembly, do not hold.

In this sense, Cruzeiro informs that it will abide by the decision of the TJMG and continue to adopt all the necessary measures to hold the Meeting of Creditors, as soon as possible, in order to meet the interest of the collectivity of its creditors, in the search for a prompt and sustainable solution. for the indebtedness dealt with in the Judicial Reorganization.

To this end, Cruzeiro emphasizes that the doors remain open to a productive dialogue with creditors, respecting the Association’s ability to pay, and reiterates its commitment to make its best efforts to reach consensus with creditors, which is certainly the way to ensure that if the objectives of the Judicial Reorganization are soon achieved.

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