2023-09-08 20:25:52
Through a relevant fact issued this Thursday 7th, Vamos rental of trucks, machines and equipment SA informed its shareholders and the market of the signing of an agreement to purchase the fleet of 2926 trucks from Petrópolis Group for R$576.2 million.
Payment will be in cash and the deadline for completing the operation is up to 90 days.
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In addition to the sale, the document also provides for the leasing, by Grupo Petrópolis, of 2392 of the trucks, under long-term contracts, adjusted annually for inflation. Vamos will sell the remaining 534 vehicles on the secondary market.
This sale and subsequent rental operation carried out by the Petrópolis Group, known as sale and leasebacktakes place within the company’s judicial recovery request.
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Judicial Recovery of the Petrópolis Group
The Petrópolis Group is the largest beverage company with all Brazilian capital. Among the brands in its portfolio are Itaipava and Crystal beers, Petra water and TNT energy drink.
One of the eight manufacturing units of the Petrópolis Group | Photo: Reproduction/Grupo Petrópolis
The request for judicial recovery took place on March 27 of this year. Its objective was to avoid charging an installment of R$105 million for a financial transaction that would expire a week later.
In the petition that gave rise to the process, the group claimed that if they did not pay the installment, their entire debt could be due early. As a result, it would suffer an imminent strangulation of its cash flow.
Debts total around R$5.5 billion.
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This Thursday 7th, the Group presented a consolidated judicial recovery plan, which must be submitted for approval by creditors next Monday 11th, at the General Creditors’ Meeting (AGC).
The proposal presented to the Court states that the intention is to pay off debts owed to around five thousand creditors – which includes workers, suppliers, banks, micro and small businesses – by 2035.
Furthermore, the money from the sale of the truck fleet will be used to partially amortize credit arising from debentures.
Debenture is a debt security that generates a right of credit to the investor. This means that the debenture holder will have the right to receive remuneration from the issuer, normally interest, and will receive the invested amount back, periodically or when the bond matures.
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