On Abril 29, 2016, Sete Brasil Participações S.A., Sete Holding GMBH, Sete International One GMBH, Sete International Two GMBH. Sete Investimentos I S.A. and Sete Investimentos II S.A. ("Sete Brasil") requested their judicial reorganization proceeding in Brazilian Courts. The lawsuit was assigned to the Third Business Court of the City of Rio de Janeiro, State of Rio de Janeiro, dockets No. 0142307-13.2016.8.19.0001. The judge has not accepted the judicial reorganization request yet, but, as soon as the judge accepts it, Sete Brasil will have to present a plan within 60 days, informing the manner it proposes payment of its debts. The granting of the authorization will also trigger the suspension of the existing lawsuits against Sete Brasil for 180 days. Reorganization Plans usually entices payment of debts in several installments and with substantial discounts. Sete Brasil has already filed a preliminary list of creditors, appointing the amounts due, but such list was not published in the Official Gazette. The creditors not included in this list or the credits of which are not appointed correctly shall present a motion to the judicial administrator requesting any possible correction or amendment.
We are following up this reorganization proceeding very closely by our team of experts in judicial reorganization. If your company has credits against Sete Brasil, we will be glad to assist you either with advice or by representing in the judicial reorganization proceeding.
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