© Reuters.
SAO PAULO (Reuters) – The Justice of Rio de Janeiro approved on Thursday the request for judicial recovery filed by the Petrópolis brewery at the end of March, according to a decision seen by Reuters.
The decision was issued by Judge Elisabete Longobard, from the 5th Business Court of Rio de Janeiro, with Petrópolis being represented by Salomão, Kaiuca, Abrahão, Raposo e Cotta Advogados.
Petrópolis cited “reduction in sales volume, revenue and margins accompanied by the incessant increase in the Selic rate” which “generates an impact of approximately 395 million reais per year on the group’s cash flow”.
“I determine the suspension of all actions or executions against the applicants”, said the judge in the decision, setting a period of 60 days for the presentation of the recovery plan.