The courts vacated the bankruptcy and Itau participated in the judicial recovery plan
Now it’s official. After existence bankruptcy With the court ruling, a large company got a new opportunity to bear losses.
In June this year, the São Paulo Court annulled the decision regarding CJA Indústria Metalúrgica. The case has been registered with the Third Judicial Bankruptcy and Reorganization Court.
According to the newspaper Folha de S. Paulo, it was Armco do Brasil that filed for bankruptcy over a debt issued in February. At that time, the CJA’s defense admitted that it could no longer afford the financial complications.
In May, the CJA changed its strategy and the defense filed an appeal, agreeing to enter into an agreement with Armco. According to the company’s lawyer, Marcelo Alves Muniz, Itao, who was one of the creditors, was directly involved in the lawsuit.
In cooperation with the Attorney General’s Office, the bank and the judicial director in charge of the bankruptcy process reached a consensus that it would be better to cancel the bankruptcy. The newspaper revealed that Judge Maria Rita Rebelo Pinho Dias subsequently changed the previous decision.
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“I joked that the defense revived the company, because declaring bankruptcy in the corporate world is like losing a life,” the defense attorney noted to Folha. He concluded, “The judiciary recognized that the company is capable of continuing and has a group of clients.”
What happened to CJA Indústria Metalúrgica?
Following a request from Armco do Brasil, the courts declared the company bankrupt in February this year. However, in June, this process was reversed.
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