Vasco reduces the guarantee and the renegotiation loan with Crefisa

The Financial Institute agrees to decrease to 10% of the shares that will be transmitted in the event of default of SAF Bathtub

THE Vasco He reformed the terms of the loan with Crefisa and reduced the SAF guarantee from 20% to 10%. This change occurred after the Council followed the recommendation of the joint judicial administrator. So the club contacted the financial institution and requested the modification, which was promptly accepted. Despite the modification of the warranty, the amount of the R $ 80 million loan and the other conditions remain unchanged. The information was first published by “Ge” and confirmed by the Play10.

According to the petition presented on Monday (6), the new structure of the agreement provides for the trustee alienation of 10,000 class ordinary classes belonging to Crvg (Associative), equivalent to 10% of Vasco Saf’s share capital. The club stressed that these actions are part of the non -current activities of the Association. For this reason, the operation depends on the judicial authorization, as established by article 69-A of the judicial recovery law (law 11.101/2005).

In addition, Vasco clarified that the renegotiation occurred “in Manifest in good faith”, with the aim of avoiding future questions about the validity of the operation. In the same petition, the club also requested the judicial authorization to deliver, under a secret and sealed envelope, the new version of the updated contracts, already with the changes in the guarantee clause.

Vasco needs the loan as soon as possible

Choosing the financial institution that would provide the 80 million dollars needed to cover operating expenses – such as salaries, payments to strategic suppliers and work and tax obligations – Vasco promoted a sort of competition. At the end of the process, he opted for Crefisa.

The club projection is to use $ 70 million in October. The first episode of R $ 30 million should be released urgently as soon as there is a judicial authorization. The second, for an amount of $ 40 million, is scheduled until 26 October. Subsequently, Vasco intends to receive two other installments of $ 5 million each, distributed in the following months.

In total, by the end of the year, the club estimates a cost of $ 170 million to maintain its operations in operation.

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Source: Terra

Rose

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