Viracopos airport to be retendered after creditors approve restructuring plan

14 February 2020 - 12:00 am UTC

Creditors approved the restructuring plan of Brazil’s Viracopos airport operator in a meeting today two years after it filed for bankruptcy protection.

Creditors began a meeting yesterday (13 February) in the city of Campinas, São Paulo state, and, after spending hours discussing the company’s restructuring proposal, decided to continue the meeting into today before finally accepting the plan.

The Viracopos airport operator will file a retender request with Brazilian aviation regulator ANAC, 15 days after the court accepts the plan, according to court documents.

Under the proposal, the two parties have agreed to compensate the loans leveraging the concession contract. The new airport operator will be responsible for repaying the remaining debt to ANAC.

For unsecured creditors, the debtor proposed a full repayment within two years, in installments of BRL 83,333.33, up to the limit of the loan, adjusted by the TR benchmark, a reference rate for future inflation built into nominal market interest rates. Monthly repayments over three years will cover the rest of the loans.

On 13 February, the judicial manager appointed to the case, Deloitte Touche Tohmatsu Consultores, informed the court that the debtors had reached an agreement with a group of banks including Brazilian development bank BNDES, Banco do Brasil, Itaú Unibanco, Bradesco and Haitong Banco de Investimento do Brasil. As per the agreement, the bankruptcy protection proceedings exclude the credits held by the financial entities.

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