To ‘GE’, Thairo Arruda says a shareholder should inject at least R$40 million into Alvinegro. Understand the details!
Botafogo plans to ramp up its investments soon. According to the contract, the shareholder John Textor is to inject R $ 100 million on the anniversary date of the year in which he took full control of SAF. However, since March 11 did not fall on a working day, the money will be in Alvinegros’ coffers next week.
It is not yet known exactly how much the American will deposit at Alvinegro. The initial bond called for a BRL 100 million injection in both 2022 and 2023. However, in an interview with ‘GE’, SAF Chief Executive Officer Thairo Arruda explained that Textor invested more than expected in the previous year .
– Textor made much more than the R$ 100 million contribution foreseen in the contract last year. I think it closed at around R$150 million, almost R$160 million. This year, contractually, it would be enough to put the difference, R $ 40 million, but we know it won’t stop there,” he said.
Under the contract, John Textor pledged to make an investment of at least BRL 400 million and, over four years:
– BRL 50 million bridging loan before signing the final contract
– BRL 100 million in March 2022 (signing date of the final contract)
– BRL 100 million in March 2023
– BRL 100 million in March 2024
-50 million BRL in March 2025
However, this is the minimum amount an investor needs to contribute to Alvinegro. Since it exceeded the values in 2022, there is a possibility that in 2023 it will also exceed the R$ 40 million which would be the “minimum value”.
The grant will be used to pay off debts, resolve issues such as commission amounts for contractors (which make it difficult to find reinforcements), as well as adjust bonus amounts to cast and debt payments that can lead to short-term foreclosures.
Furthermore, there is the possibility that a part of the value will be pledged in court. Alvinegro turns to the creditors’ committee and makes the RCE (Regime delle Esecuzioni Centralizzate) feasible; The aim is to prevent the money from being blocked by previous debts. Glorious has a five-day deadline to submit a proposal to the Court and is in advanced talks with the Union to resolve the impasse.
Source: Terra

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