Vasco announces mediation with creditors and paves the way for judicial recovery

In an open letter from the SAF CEO and Pedrinho, Cruz-Maltino speaks of a “large restructuring project” and asks for trust from the fans

After Vasco’s victory over Cuiabá in the Brasileirão, the club’s SAF announced an important move. In an open letter to fans, the club informed that it will start a mediation process with its creditors (those who have debts to collect from Cruz-Maltino). The letter, in fact, was signed by Carlos Amodeo and Pedrinho, CEO and president of SAF.

The operation, accompanied by a precautionary measure aimed at avoiding seizures and foreclosures, paves the way for an official request for judicial recovery (or extrajudicial recovery). This, in fact, was a path followed by other SAFs such as Cruzeiro and Botafogo.

The mediation, in fact, will be entrusted to the Fundação Getúlio Vargas (FGV). Currently, Vasco is trying to resolve his debts through the Centralized Execution (RCE) Scheme, a mechanism of the SAF law that prevents foreclosures in clubs that allocate a monthly percentage of their income to the creditors’ queue.

See Vasco’s letter:

Vascaino,

Today we write to you to share an important moment in the history of Vasco da Gama.

From the court decision that disbarred the former majority shareholder of Vasco SAF, to protect the assets and interests of the club. We are faced with a scenario of predictable and imminent chaos, the result of abusive and reckless acts carried out up until then by the former member of Vasco SAF.

Given the serious financial situation in which Vasco finds itself, in recent months we have started an extensive restructuring project, the first results of which can be seen.

Strengthened by our commitment to transparency and, above all, with the aim of guaranteeing the future of Vasco da Gama, we have started a formal mediation process with our creditors, led by Fundação Getúlio Vargas (FGV).

This mediation aims to seek orderly, negotiated and structured solutions to resolve the club’s current debt.

To give stability to this mediation process, we have filed a Precautionary Measure to protect Vasco from possible actions, such as seizures, which could hinder or create obstacles to the restructuring process.

At Vasco the renovation was avoided on several occasions. It will be due to its unpopular nature or the difficulty of facing reality, but also due to our responsibility, we will face this challenge to seek the sustainability and competitiveness of Vasco da Gama in the long term.

It is important to underline that, although mediation is an important step in a long path of reorganization of the club, we cannot say that it will be the immediate solution to all of Vasco’s problems.

This restructuring will be a challenging journey, which will involve sacrifices, but which will create the conditions for a better and sustainable future for Vasco.

We know that, in the most difficult moments, you, a Vasco fan, have never stopped supporting the club. For years it was your dedication that carried Vasco forward, keeping our history alive and our passion always burning.

And right now we count on your support more than ever. Your trust is key.

Pedrinho

President of the Vasco da Gama Regatta Club

Carlo Amodeo

CEO of Vasco SAF

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Source: Terra

Rose

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