A group of investors associated with Beto Carrero World, Playcenter, Wet’n Wild and other companies submitted an offer to purchase Hobby Harry’s theme park, which has been installed since 1999 in the city of Venido (SP). Because of this, the Court decided on Monday (1) to suspend the continuation of the creditors’ meeting that will vote on a new amendment to the Judicial Reorganization Plan scheduled for Wednesday (3).
Beto Carrero World advisors issued a memo highlighting that the proposal also includes the participation of members of an investment fund, a real estate group and an alternative investment firm.
However, Hobi Hari is opposed to this initiative by investors, and in the morning, he announced that it would take the possibility of concluding an agreement worth 2.8 billion Brazilian riyals with an international bank to restructure, expand and develop the park to be voted on at the meeting. . See below for details.
Propose and suspend the meeting
“Expectations of investment amount to more than R$150 million in park improvement, such as job creation and tax revenue,” Beto Carrero notes, noting that the plan also provides for the full payment of tax obligations accumulated in recent years. The press office also states that the investor group has the support of the region’s largest creditors and is awaiting analysis of the text at the meeting.
NS g 1 He requested sites to Playcenter and Wet’n Wild about the issue, but there was no turning back.
In a decision published this afternoon, Finheido First Court Judge Fabio Marcelo Holland has decided to suspend the appeal of the creditors’ meeting for 30 days. According to him, the procedure serves the interests of creditors in obtaining information about the proposal of this group of investors.
In addition, the judge considered that Hobi Hari still needs to provide other information so that participants have details about the additive and the “actual liability status”.
Hopi Hari estimates the debt in the range of R$500 million and the bulk is owed to the National Bank for Social Development (BNDES), which represents at least R$230 million of this financial advance. The redemption plan was approved in April 2019, but was later challenged by the courts because the largest creditors were not from the agreement.
Hopi Hari’s free-fall tower, inoperative since 2012 – Photo: Patrícia Teixeira/g1
Hobby Harry, on the other hand, says she “welcomes any and all proposals for partnership and investment for the park’s growth”, but presents a series of challenges on the subject.
Given that this is an “alternative proposal for a payment plan”, rather than a definitive purchase intent, the advisory for the project located in Finhedu indicates “doubts” about the intent of this group, given that some of them are direct competitors.
In addition, it clarifies that an internal legal opinion indicates the impossibility of valuation and, therefore, estimates that it is up to creditors to decide on the Fourth Amendment to the Judicial Reorganization Plan, on Wednesday, regarding credits, jobs and fate. Of the companies related to Hopi Harry.
“It concludes that the last-minute proposal, drafted by those with no transparent interests, as competitors, and also framed with a clause allowing it to be withdrawn at any time, is an element that obstructs the process and, even worse, influences the decision,” the excerpt highlights.
According to Hopi Hari, there remains a “clear lack of legitimacy for the ‘group of investors’, as none of them have appeared in the process as a trust holder, and the court would have vetoed the premise of an alternative proposal by the creditor, which, in evaluating the park, also makes it It is impossible for a third party to make this offer because they do not have full knowledge or show themselves in the context of the process.
NS g 1 You expect a position from the park on the suspension of the meeting of creditors.
The alleged billion dollar deal
Hobby Harry announced Monday morning that he has an agreement with Whitehall, which highlights it as a bank that offers direct and managed investments by investors in North America, Latin America and the Caribbean. For the agreement to take effect, the agreement must be formally approved at the meeting, according to the amusement park’s press office.
The project advisors state that the financial institution has experience in this sector and that the agreement will allow, in addition to complying with the Judicial Reorganization Plan, the planning of other new attractions. “This project will not only restructure previous obligations with creditors, but will also include the expansion of its attractions, the real estate development of its lands, with new launches, as well as the development of any launch of the park in other regions of Brazil or, also, the acquisition of other companies in sector”.
Videos: All about Campinas and the region
“Music fanatic. Very humble explorer. Analyst. Travel fanatic. Extreme television teacher. Gamer.”