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- JUDICIAL REORGANIZATION COURT:
1st Lower Civil Court in the Judicial District of Cajamar, State of São Paulo;
- TRUSTEE:
Dr. Fernando Chad
Rua Estela, 515, bloco D, cj. 32
Paraíso
São Paulo/SP
04011-904
- PROCESSING OF REORGANIZATION:
The reorganization court granted processing of the Reorganization in a decision published in the Official Press on May 12, 2009 (“Decision for Processing”).
- STAY PERIOD:
As a result of the decision granting processing, all actions and executions against Independência shall be stayed for 180 days, as of the publication date of the Decision for Processing in the Official Gazette – Term November 9, 2009 (November 9, 2009);
- NOVA CARNE PROCESS:
On May 28, 2009, Independência S.A., together with its subsidiary Nova Carne Indústria de Alimentos Ltda. ("Nova Carne"), requested an amendment to the initial petition for the judicial reorganization of Independência to include Nova Carne, and the consequent bankruptcy protection, given that the companies belong to the same business group, and a combined judicial reorganization process would be in the best interests of the companies and their creditors.
On the same date, the Judge of the District Court of Cajamar, São Paulo state, received and granted the amendment to the petition, resulting in the combined judicial reorganization of both Nova Carne and Independência, and suspended all ongoing lawsuits and executions against Nova Carne.
Like Independência, Nova Carne too operates in the production and sale of beef, including, but not limited to, the slaughtering, processing, purchase and sale, as well as imports and exports of beef products, and hence was also impacted by the financial crisis that affected Independência’s operations and business.
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Last Update on September 18, 2009 |
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