RE: Court update24 May 2020 13:14
Visas etc.
When analyzing the id petition. 166a0ba, as well as the id decision. f9f28f7, issued by the Court of the 2nd Court of Bankruptcies and Judicial Recoveries of São Paulo, SP, the Egrégio Tribunal de Justiça de São Paulo (TJSP), this Court notes that:
a) of the amount of US$ 10,000,000.00 (ten million U.S. dollars) to be obtained by Zamin Amapá Mineração S.A. through the already authorized sale of iron ore, only US$ 2,250,000.00 (two million, two hundred and fifty thousand U.S. dollars) will be allocated to the payment of labor creditors;
b) the original request of the company in judicial recovery was for US$ 2,500,000.00 (two million and five hundred thousand U.S. dollars) to be allocated for this purpose, but the Judgment of the aforementioned Court of Bankruptcies and Judicial Recoveries determined that 10% (ten percent) be kept in judicial filing, with the scope of maintaining the guarantee of other creditors; c) the amount to be effectively used by Zamin Amapá Mineração S.A. for payment of labor creditors is clearly insufficient, since, even with the current quotation of the U.S. dollar, its debts to this 7th Court of Labor of Macapá exceeds R$ 21,000,000.00 (twenty-one million reais); d) in addition to such an amount, mentioned company must large amounts next to each of the other seven Labor Courts that make up the Forum of Macapá, AP.
Therefore, the requests made by Anglo Ferrous Brazil Participações S.A. in the id petition are refused. f9f28f7, keeping in its entirety the decisions already given in these records, which determine the joint and several liability of the petitioner for the labor debts of Zamin Amapá Mineração S.A. As seen, it has no economic power to meet its obligations and, for that reason, the petitioner must honor them.
Science to the parties.
MACAPA/AP, May 22, 2020.
TATYANNE RODRIGUES DE ARAUJO ALVES
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