Creditors try to remove the president of the Itapemirim conglomerate to receive debt

Creditors try to remove the president of the Itapemirim conglomerate to receive debt

A group of creditors with a debt receivable in the order of US$ 16 million (R$ 91.1 million) with the Itapemirim Group has sought in court to remove Sidnei Piva from the position of president of the conglomerate in an attempt to recover the amounts owed.

According to John Schulz, partner at Queluz Asset Management, since taking over with his partners the operation of Itapemirim, in 2017, Piva has not paid any amount of the debt contracted with a group of about 40 investors led by the manager, even after established agreements between the parties in 2019.

“During the last five years with Sydney at the head of the business, we haven’t received a penny”, complains the partner at Queluz Asset Management.

The company says that it is negotiating an agreement with the creditor and that it is awaiting a court decision on the amount of the debt, and that the São Paulo Court of Justice has denied Piva’s removal.

The loan was made in 2006 to Viação Itapemirim, at the time still run by the Cola family, in an amount of approximately US$ 45 million (R$ 256.3 million). In 2016, when the company filed for bankruptcy protection, around a third of the debt had not yet been paid, an amount that remains open until now, says Schulz.

In mid-2019, at a meeting with the various creditors of the transport group – among them, Banco Mercantil, CCB Brasil and Raízen -, an agreement was reached between the parties according to which the company would dispose of some of its properties to pay for the obligations due.

“But the agreement was not fulfilled. The properties were sold, but we didn’t receive anything”, says the manager’s partner.

“We have been pleading in court since the beginning of the year to remove Sydney from the company’s command, since apparently he is not suitable, since he has not fulfilled what was agreed with the creditors”, says Schulz.

“The company still exists, money comes out of the box for an adventure in aviation, and the creditors don’t receive it?”, he asks.

This Friday (17th), Itapemirim Transportes Aéreos, which began operating in June, caught thousands of customers off guard when it announced the suspension of activities on the eve of the end-of-year festivities.

Consumers with tickets already purchased complain that the company has not provided assistance in the last hours since the announcement.


In a note, the Itapemirim Group says that it is negotiating an agreement with the creditor group and that it is awaiting a decision by the Court on the amount, since the debt is in foreign currency.

“Finally, in relation to the request for dismissal of the current administration, the São Paulo Court ruled out such a claim”, he says.

About the cancellation of flights, this Saturday (18th) Itapemirim informed that it prioritizes the re-accommodation of passengers who need to return home on flights from other companies.

“Other passengers with round-trip travel, who are in their city of residence, will receive priority assistance with full refund of amounts paid,” he said in a note.

The company advises passengers to contact the email [email protected] or directly to their travel agency and not to go to airports.


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