The National Civil Aviation Agency (ANAC), the National Bank for Economic Development (BNDES) and the Concessionária Aeroportos Brasil Viracopos (ABV) reached an agreement for the suspension of the General Meeting of Creditors scheduled for this Tuesday (1/10) after hearing held in the Justice of Campinas (SP).
The agreement was possible after express manifestation of the ABV in the sense of seeking the viability of the rebidding of the granted asset in the of the Law nº 13.448/2017 and of the Decree 9.957/2019.
This was the first signal from the concessionaire in this regard since the rebidding was regulated.
In order to make the agreement viable, “all legal actions and istrative proceedings existing between the parties (ANAC and debtors), as well as those involving their interests, are suspended for 30 days”, informs the document signed before Judge Bruna Marchese e Silva, of the Comarca of Campinas.
The creditors' meeting was rescheduled for December 16 of this year. Before that, at the end of October, a new conciliatory session will be held “in order to clarify and remedy any points of the rebidding that prove necessary, as well as confirm whether the progress of the negotiations will make it possible to hold the next meeting”, says the agreement.
In an official note, the ABV said:
The concessionaire Aeroportos Brasil Viracopos SA (ABV) and Debtors inform that they reached an agreement on Monday night (30) for the extension of the General Meeting of Creditors (AGC), scheduled for December 16. The agreement was signed at a hearing presided over by Judge Bruna Marchese e Silva, from the 8th Civil Court of the Campinas Forum, with the participation of Viracopos, ANAC and BNDES. The decision will be made official this Tuesday (01/10/2019) during the AGC, in Campinas (SP). With this, the parties undertake to discuss in greater depth the possibility of rebidding the concession and its conditions.
The postponement period was considered adequate by the Parties under Reorganization, ANAC and Financial Creditors to allow for the evolution of ongoing negotiations. It was also agreed that the judicial processes of both parties, including the expiry process, are suspended for 30 days, when there will be a new meeting to assess the evolution of the negotiations.
The Debtors understand that signaling their interest in re-bidding for the concession is not enough to make this alternative viable. There is a need to clarify specific and still undefined issues, the solution of which requires the participation of ANAC and Financial Creditors in favor of re-bidding.
In the view of the Parties under Reorganization, the following issues need to be overcome to make rebidding feasible as an alternative for Viracopos:
(i) Undefined methodology for calculating the compensation due for investments in reversible assets that are not amortized or depreciated;
(ii) Undefinition of the conditions, to be foreseen in the future Judicial Reorganization Plan, so that it is possible to meet the new requirement contained in art. 8th, inc. XIV, of the Rebidding Decree; and
(iii) Need for an agreement to pay creditors in the bankruptcy process and other debts not subject to judicial reorganization and, thus, be able to extinguish this judicial reorganization, in compliance with the requirement referred to in item (ii) above.
It is important to point out that Viracopos has no overdue debts with banks. With regard to Anac, the debt is approximately R$ 1 billion, which can be amortized according to decisions in progress on the requests for rebalancing, which began the day after the g of the contract, based on unilateral initiatives by the granting authority.
Despite the current liquidity crisis, the airport has been elected 11 times by engers, since the beginning of the concession in 2012, as the Best Airport in Brazil, according to satisfaction surveys conducted by SAC (Secretaria Nacional de Aviação Civi) . Recently, it also received the award for Best Cargo Airport in the World, in the category of up to 400 thousand tons/year – which reinforces the confidence of shareholders in the viability of this concession.
In addition to generating approximately 1.000 direct jobs and more than 10.000 indirect jobs, Viracopos is the 6th largest airport in Brazil in of the number of engers transported and the 2nd largest in of total cargo volume, being the country's largest airport in of imported cargo (about 40% of all imported airport cargo enters Brazil via Viracopos).
The Concessionaire continues to work alongside its creditors in the recovery process (ANAC, the National Bank for Economic and Social Development - BNDES and other financial creditors) to find solutions based on economically rational criteria, in order to allow the survival of the most awarded airport in Brazil, looking after the thousands of jobs generated by the concessionaire and the public resources invested to date in the undertaking.
Via - ANAC
