Creditors approve recovery plan for Grupo Petrópolis, the company responsible for Itaipava and Petra beer | Economy

The judicial recovery plan for Grupo Petrópolis, the company responsible for Itaipava and Petra beers, was approved by the majority of creditors on Monday night (11). According to the company, 96.4% Voters in the General Assembly approved the document.

After the creditors approve the recovery plan, the document now goes to the court for approval. After this step, it will take effect.

The request included a list of more than 5,000 creditors. The group then faced a liquidity crisis resulting from a decline in revenues and production, according to the petition in which it requested recovery. When the recovery application was submitted, the reported debt was R$4.2 billion – 48% of which was financial debt and 52% owed to suppliers.

“31.2 million hectoliters of syrup [foram] Sold in 2020. [Já]In 2021 and 2022, the volume decreased to 26.4 and 24.1 million hectoliters, respectively,” the company reported in the recovery document, a decrease of 15.4% and 22.7%, respectively.

The managers of the operation are Preserva-Ação and Zveiter Advogados, the same duo responsible for US tax refunds.

The plan “will allow the adoption of the necessary measures to reset the company’s debt and capital structure, allowing the resumption of investments and production in its factories and ensuring the generation of thousands of direct and indirect job opportunities around the world,” the Petropolis Group said in a note. Country”.