The judicial recovery plan proposed by Grupo Virgolino de Oliveira (GVO) has not yet been approved. The general meeting of the creditors of the company, held virtually last Wednesday, the 13th, ended without a vote.
For example, the Court of Justice of So Paulo convened through the Santa Adélia (SP) district to discuss proposals to settle the group’s debts with former workers, suppliers and banks.
According to Itapira News, the plan involves various companies affiliated with GVO, including the plants of Ariranha, Jose Bonifacio, Itapira and Moncos in So Paulo. The first meeting was already called for 6th, but was postponed due to lack of quorum.
The second call, however, ended with an adjournment of the vote at the request of lawyers representing the trade group. According to the report, the initial proposal was to enter up to Rs 15,000 and pay the labor loan in the remaining installments.
However, lawyers representing the workers demanded that this minimum limit be increased to R$35,000. Now, it is yet to wait for the new assembly to vote on the plan.
If recovery is not approved, the group may go bankrupt – but there is still the possibility of an alternative plan being submitted and eventually approved by the justices.