May 24, 2022

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The new owner wants to pay off debts and restore confidence

The new owner wants to pay off debts and restore confidence

The Itapemirim Transportes Aéreos had a meteorite track in the second half of 2021, Not staying six months in the operation. Last week, the company’s president announced Sale of the company and Ita Bank to Baifaker Consultinga fintech company with the trade name Bcbank.

The consultancy, owned by businessman Galeb Baufaker Júnior, should not be the ultimate owner of the new Itapemirim. In an interview with UOLBaufaker says he is still creating a specific CNPJ to house the airline, and that the current purchaser of Itapemirim is in the name of his ex-wife.

The businessman is still completing a survey of liabilities and assets for Itapemirim Transportes Aéreos and Ita Bank, but says payments and transfers will be completed soon.

One of the major challenges that the new owner will face, in addition to the company’s debt, is to restore confidence in the company that has been in an awkward position after Suddenly stopped flying in December 2021.

Business worth 400 million Brazilian riyals

Boufeker says he is still finalizing the deal, for which he claims he has spent about R$400 million that will come from trust funds and investors who prefer anonymity.

Of this total, it is estimated that R$180 million will be related to the payment of company debts, such as business, tax and supplier obligations. The rest (220 million R$) will be used for investment and working capital formation for aviation again.

In the deal, Boufacker says Beva will not get any value in exchange for the airline’s liquidation. The goal is to separate the two companies from the Itapemirim group, which is subject to judicial reorganization and created from the airline while maintaining billion dollar debt He was harshly interrogated.

With business consolidation, Boufeker says, the proceedings must be reported to the judge, and later, the two companies must leave the eyes of judicial recovery. For this, the businessman will have to return to the Itapemirim Group’s treasurer more than 34 million Brazilian reais from expenses related to the airline, according to data from the Itapemirim Group’s judicial official released in January, the last available balance sheet.

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Same name, same team

Boufeker says he should keep the company name for now, because he wants to “save the brand.” “I saw opportunity and the name. The legacy, if built well, does not end. All problems can happen, but it’s ‘A Itapemirim,'” he says, noting the importance that the Itapemirim name holds in the world of passenger transportation in Brazil.

The businessman, who admits that he has no experience in the aviation sector, says that he will retain a large part of the management of the company, like President Adalberto Bogsan, who took over the management of the company at the beginning of its work. “I always want to hit the key: the process started well and will come back well,” Boufker says of how the company was able to fly initially despite the problems it had on the way.

When asked about keeping much of the same team that was in the company when its operations closed, he bolstered his trust in the professionals. “What made Itapemirim Transportes Aéreos operate until the sudden stop was the training and quality of its professionals,” he said.

resumption of trust

The businessman says he is confident that his plan to resume flights in eight capitals where Itapemirim was already operating with five planes is fully viable. “With the right management, you can never go wrong. You just have to stick with what you have,” says Boufacker.

Today, the entrepreneur still has to deal with the COA (Air Operator Certification) which was suspended by Anac (National Civil Aviation Agency) after alleged irregularities emerged in the company.

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Although Anac no longer has to analyze the financial ability of the company to release its operations, focusing only on the technical feasibility of future companies, the low capital of the new owner of Itapemirim (100 thousand Brazilian reais) could be a hindrance. Since before the company stopped flying, many parliamentarians wondered how it was able to obtain a license to operate with available capital of R$380,000 at that time.

According to Boufeker, what will solve any potential problem for the company is not this startup money, but its ability to face problems that may arise. If Congress finds this [um valor mínimo de capital social para iniciar uma empresa no Brasil] Relevant, it will tear the leg of anyone who wants to invest in the country, ”says the businessman.

The National Aeronautics Federation, which represents flight attendants and pilots, also met with the businessman to discuss the future of workers, both hired and those who have left the company. And at the end of the meeting, which was confirmed by the union and the businessman, an agreement was signed so that a proposal would be made to settle workers’ debts by May 3.

Plans to fly again

After managing to overcome problems and eventually win the right to fly again, the new Itapemirim will be back in the air within five months, according to its new owner. The goal is to operate five A320s to eight capitals.

Boufeker governs waging a customs war. “We are not going to lower the ticket, because that is not in the market. We want to reduce the profit margin and increase the comfort of the passengers. I think it is ridiculous to get on a plane and drink soda and eat peanuts. We have to be affectionate,” he says.

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The aircraft should be configured according to the factory default to carry 174 passengers, and not 162, as was the case for aircraft that were operated until December by the company. For this, Boufacker says he is negotiating with him Leasing (a type of lease) to pay off the debt and return the planes to Brazil.

Itapemirim has also gained prominence for not charging fees for seat reservations and baggage checks, a practice prevalent among the largest airlines. Baufaker neglects to offer these advantages again: “We will do according to the market, but we will practice far lower values ​​than competitors.”

Regarding the company’s growth in the coming years, although he cited a study on the possibility of international flights within two years, the entrepreneur says he will be more cautious about expansion. “Let’s stick to the original plan [de operar em oito capitais com cinco aviões] And see the market’s reaction with what we already have. If there is a balance between accepting or rejecting, says Boufacker, we will analyze expansion.”

And about the pressure he may face from competition, the businessman says that this does not bother him, as he will try to provide a distinguished service on the ship, such as breakfast, lunch or dinner. This same promise was made by the company’s previous owner, Sidnei Piva, but was not carried out due to restrictions imposed by the covid-19 pandemic.