Gramado Parks, owner of Snowland and Acquamotion, enters into judicial recovery
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Updated at 7:35 pm
A Judicial recovery aims to restructure a debt related to the three companies of up to R$ 452 million and comes after the founding shareholders regain control of the group, thanks to precautionary measures obtained at the 1st Business and Conflicts Court of the Central Civil Forum of São Paulo. The company R Capital Asset Management was removed from managing the funds that manage the group’s businesses.
Catalunya Gestão de Recursos, from Porto Alegre, was appointed for the role and a new management structure is being set up with advice from Tarvos Partners consultancy, specialized in business reorganization.
From the beginning of the judicial recovery process, Gramado Parks has 60 days to present a debt payment plan which must be approved by the creditors at a general meeting. Once these steps have been completed, the plan must be approved by the Court.
The process is conducted by MSC Advogados, in Porto Alegre, and TWK Advogados, in São Paulo, specialized in business restructuring.
The Gramado Parks Group is a owned by the Caliari family and emerged in 1972, from the inauguration of Café Colonial Bela Vista in Gramado. With a strong presence in Serra, it is a source of income for more than two thousand people in the city.
With the coronavirus pandemic from 2019Gramado Parks was affected by the closure of its attractions and restrictions on hospitality. Indebtedness was also affected by the increase in civil construction costs and the increase in interest and financial charges. In addition, with the crisis that hit the entire Brazilian economy, many people who had invested in the timeshare system ended up getting rid of the unit.
Gramado Parks and Fortesec
On March 22, Grupo Gramado Parks filed an injunction in court asking for a 60-day suspension of debt payments. Fortesec Securitização, responsible for operating real estate receivables certificates (CRIs) with real estate investment funds, is one of the main creditors. On March 31, a new court decision overturned the precautionary measure.
“About the court decision, Fortesec classifies it as quite legally fragile, as it goes against consolidated jurisprudence and violates several legally constituted guarantees, which represent the legal security of the capital market. The CRI’s are structured based on resources that were anticipated to the companies , which, in turn, have already used them in their operations. Now they need to be returned to investors. If the decision is maintained, instead of saving companies in recovery, the effects of it will cause legal uncertainty throughout the market and prevent new operations are carried out (including by companies under reorganization), as investors will not trust the guarantees offered”, says the text.
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