July 1, 2022

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Ricardo Eletro's bankruptcy has been suspended by justice - 10/06/2022 - Market

Ricardo Eletro’s bankruptcy has been suspended by justice – 10/06/2022 – Market

retailer Ricardo Electrocontrolled by Máquina de Vendas, its bankruptcy was suspended by order of the Second Reserved Chamber of Business Law in São Paulo.

The company’s bankruptcy, in the framework of judicial recovery since 2020, was declared by the judge last Wednesday (8), by Judge Leonardo Fernandez dos Santos, of the First Bankruptcy Court and Judicial Reorganization of the Central Forum in São Paulo.

In declaring the bankruptcy, the judge noted that “several factors have been identified for the offloading of assets” and that judicial recovery “does not meet the terms of the lawsuit.”

Now, according to the rapporteur, Judge Mauricio Pessoa, we must move forward with Judicial recovery As much as possible “particularly with supervision and follow-up by the judicial official while this appeal is being processed.”

He noted, however, that the same judicial official, Laspro Consultores, recorded the existence of a “justice vacuum”.

“In this scenario, it was necessary, then, to provide clarifications regarding its operational activity (…), with the necessary transparency, clarity, speed, objectivity and concreteness.

Reversal occurs 48 hours after the decision. According to the company, operational plan Ricardo Eletro is to continue to focus on the market, through a profit-oriented stock model.

The president of the retailer, Pedro Bianchi, says via a note.

“We still have many battle fronts, both in and out of the judicial redemption process, but the team remains focused on stabilizing its recovery, and honoring the payment with its creditors.

The vending machine group filed the appeal on Thursday. At the time, Bianchi stated that he was surprised by the judge’s decision, and that the position of the presidency, directors and the entire legal body was in complete disagreement with the decision issued.

“It is not for the judiciary to decide the economic and financial viability of the company, but the company and its creditors,” he said.

The suspension is valid until the appeal is resolved.

In October 2020, the retailer presented its plan for a judicial recovery. At the end of last year, the volume of indebtedness exceeded 4 billion R$.

Ricardo Eletro was founded by Ricardo Nunes in the countryside of Minas Gerais in 1989. It had more than 1,100 stores across Brazil, and had more than 12,000 direct employees.

In 2020, founder Ricardo Eletro was arrested on suspicion of tax evasion, and later released.