Next Steps:

• REORGANIZATION PLAN: Presentation of the Judicial Reorganization Plan should take place within 60 days, as of publication of the Decision for Processing.
• OBJECTIONS TO THE PLAN: Once the Plan is presented, the creditors shall have 30 dyas to submit their objections as from (i) the day the Public Notice is published informing receipt of the Plan; or (ii) from the day the list of creditors is published consolidated by the Trustee whichever takes place later.
• GENERAL MEETING OF CREDITORS (“AGC”): If any creditor presents na objection to the Plan, an AGC shall be called to resolve on and vote on the Plan (approval, rejection or change). If the creditors present objections to the Plan within a legal term, it will be deemed automatically approved silently.
• DIFFERENCE/PROOF OF CREDIT CLAIM – ADMINISTRATIVE PHASE: The list of creditors presented by Independência (“Independência list”) shall be published, via Public Notice in the Official Gazette. As from publication of the Public Notice containing the Independência list, the credits will have fifteen (15) days to submit a difference and/or proof of credit to the Trustee.
  The trustee will have forty-five days to review the differences and proof of claim and to submit a new list of creditors (“Trustee List”).
• OPPOSITION OF CREDIT – JUDICIAL PHASE:Published in the Official Gazette the Public Notice has a Trustee List, the creditors and other interested parties will have ten (10) days to submit to the Judicial Reorganization Court opposition to a credit.  The Reorganization Court will resolve on legality, value and classification of the credit under opposition. 

Last Update on May 26, 2009