The proposal provides for the payment of up to R$ 30,000 to 60% of the company’s creditors within a maximum period of three months; The company’s debt is R$11 billion
BROADCAST SPECIAL – During negotiations with creditors to restructure Light’s debt of 11 billion reais, the company’s management presented a new proposal which provides for full payment within 90 days for holders of credits of up to 30 thousand reais, that is, the equivalent of 60% of the company’s creditors (28 thousand creditors).
According to a person close to the negotiations, who spoke to the Transmit energy Under the condition of anonymity, the current proposal is an attempt to harmonize the settlement of debts, especially with small investors, and the economic-financial sustainability, necessary to obtain the renewal of the concession and the continuity of the commitments inherent to the concession. “It’s a sustainable plan for Light to honor her obligations,” the source said.
The proposal
The current proposal envisages the contribution of new resources of up to R$1.5 billion, with the reference shareholders (Nelson Tanure, Beto Sicupira and Ronaldo Cezar Coelho) guaranteeing the contribution of R$1 billion. The conversion price will be based on the average of the prices in the last 60 days preceding the presentation of the plan, with warrants equal to 2 shares for every 1.
Other points included in the plan include the conversion of up to 40% of credits into company shares via convertible bonds. This option is limited to R$2.2 billion, while the rest of the credits will be remunerated by the IPCA (Broad Consumer Price Index) plus 4% per annum, with amortization over eight years.
Other creditors
Other methods are also envisaged, such as that of the “non-converting support creditor”, who will not receive company shares and will have 100% of the credits remunerated at the IPCA plus 2% per year, with amortization over 12 years.
The “supporting financial creditor” will be entitled to a remuneration based on the CDI (Interbank Certificate of Deposit) increased by 0.5% per year, with amortization over ten years. In this category will be placed the condition of providing lines of foreign exchange and interest derivatives for the Company and its affiliates, thus contributing to judicial recovery.
The “non-supporting creditor” is the one who does not accept any of the previous options and will receive his credit in a lump sum in the 15th year, corresponding to 20% and corrected by the IPCA. In a statement to the Securities and Exchange Commission (CVM), the company advised that, “although this option is included in the plan, the Company does not anticipate payments to any creditors under these terms.”
Dispute
As Light’s management tries to build its turnaround plan, some creditors have tried to make an alternative proposal for the company, based on motivations more favorable to this group. Discussions to reach a solution for Light’s debt have been ongoing since last year, when the company entered judicial recovery.
During this period, one of the main difficulties encountered was that the debt is very dispersed and, furthermore, some credit holders have shown resistance to accepting the proposals put forward by the company, which requires a capital injection to unlock its recovery in sustainable way.
However, according to a source linked to the Rio de Janeiro distributor, this proposal would not be sustainable, given the challenges Light faces in renegotiating the renewal of its concession and continuing investments in the network. “We cannot have a creditor plan that in some sense implies unsustainability,” commented the source, who also wished to remain anonymous.
Source: Terra

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