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audemian in delay of the area port, payment of expenses chains(safety,energy,maintenancegives platformfloating,lawyers,administrator judicial) and tax income, PIS / COFINS, CSSL and others tributes. ”Check them out the reasons of the Administrator Judicial furgranting of order Recovering (pages 16920/16924):"There is millions tons ore of ironpending extraction, which have the magic to preserve alienationfiduciary of the Union From Banks;The resumption of activities Recovering will depart The quick depreciation From their Active, all Dice in Warranty to the Union of Banks, therefore, Recovering in activity preserve the value alienationfiduciary of the Union From Banks;The value deposited in account judicial it will be consideredfor to preserve the guarantee per alienation fiduciary ore of iron, that why,fulfilled with success for sale d ore of iron is performed the payments Fromcreditors labor and hyposufficient,The deposit will be free for ensure others credits;The resources obtained with for sale ore of ironwill be deposited judicially and will only be released upon authorization thatDouto Judgment, what will enable the due transparency to all the interested."And more:"Being authorized for sale of stock ore in iron up until the limit from $ 10 million, we suggest the next procedure forlifting of the amount obtained with for sale what must to be deposited in accountjudicial linked The recovery Judicial:i. Recovering features the relationship From creditors and with the data bank what will be paid with the value deposited we records forends order lifting;ii. Recovered features relationship analytical From costs and expenses to be paid with the value of the sale ore of iron;iii. It is Administrator Judicial proceed with The
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make up the Union how much the structure receiving credit, somedemanding payment in cash of a fraction credit and others tolerating anpart payment in cash and other with for sale ore of iron.It is understood the difficulty of a solution whathappyequally to banks of different nationalities, controllers and expectations receiving, however That division internal no can harm The Implementation of the plan recovery per so much time.The too much interested have done their efforts for The plan recovery to be implemented. The state from Amapá renewed the license in exploration of the railroad. There is money deposited in judgment for the beginning of the resumptionof activities. Awaiting only the Union.Or the Union of Banks definitively position yourselfin a way uniform and concludes the deal with the Recovering, or start The execution of your Warranty, what is the ore of iron. Therefore, grant the term of 60 days for what the Union manifest yourself conclusively how much the structure in payment of your credit or execution warranty.However, While the Union solve internally yourdisagreements and decide the best form to receive your credit, it's needed decide, inreason urgency, the request alienation ore of iron, up until the limit from $ 10 millions, through the Recovering, with the utilization From resources in next purposes(pages 16.908):“(I) payment From creditors labor (USD2,500,000.00);(ii) start From studies revitalization of the road in Iron from Amapá, according wake up signed with the government from Amapá (USD1,000,000.00) (doc. 01);(iii) investment in maintenance and security in dams (USD 2,000,000.00);(iv) study of feasability, so not compromiseTheschedule payment From too much creditors (USD 3,000.00.00); and(v) value remaining it will be destined getting and renovation of licenses of operation from Recuperanda, payment of forum
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peaceful, legitimate and uninterrupted per more 3 (three) years; or, to be recognized The extinction of guarantees in consequence deletion), Fls. 16,877 / 16,878 (RicardoSouza Oliveira, president Committee of Creditors, features manifestationpondering about of decay of guarantees of the Union From Banks and requireswhat the value be classified like unsecured); Fls. 16,905 / 16917 (Recoveringfeatures request for sell part of stock ore of iron up until the limit in US $ 10 million of dollars, aiming the resumption of your activities and start of greetingof Planin RecoveryJudicial).Fls.16,920 / 16,924(Administrator Judicial features analyze about of order of sales oreof iron what compose the stock from Recuperanda, good like suggests procedurefor oversight of the value obtained with the operation of sales), Fls. 16,927 / 16,846(Syndicate From Banks claims what abstainedto exercise any rights on the active what are object warranty fiduciary before the deal in between the parts.Claims the brake reliable in negotiations before the requests presented through theRecovering in pages 16,715 / 16,736. Go on introduced information about in like was the progress of negotiations, ponders what there is “Serious doubts on The capacity From new Investors to do front operations of Recovering.This one it is even the big Score inflection at negotiation in between Syndicate and Recovering, because The informations financial submitted to the exam the Bankssimply no them provide safety that the proposal paymentoffered through the Recovering be feasible ”. Affirms what the stoppage ofactivities it's fault of own Recovering. At the more, rebate the arguments gives Recovering at the what tange to decay alienation fiduciary, lapse and suppression. Per end ponders no to be possible alienation ore of iron withoutyour consent).THEpretense to extinction warranty fiduciary, per now,no can to be deferred. That why, fur what understand From records, after The approval of the plan recovery, starting of September of 2019, They passedRecovering and Union of Banks negotiating about payment credit of Syndicate.However, like good observed the Administrator Judicialwhen reporting the dynamics of negotiations, no there is consensus in between themselves banks
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There was no opposition to realization in judgment in environment virtual (pages 580 and 582). Reported.two.The grievance does not hold provision.Decided accurately the scholar Tudo “A quo” when authorizing for sale of stock ore in iron recovering to the limit $ 10,000,000.00 (ten million of dollars North Americans), with reservation10% to the Union of Banks, creditor now aggravating, watching yourself the procedure suggested by the administratorjudicial for proof of expenses and survey gives amount.Check it out excerpt to give. decisionbent: “(...) 10 - Pages 16,711 / 16,714 (Administrator Judicialinforms about of negotiations in between the Union From Banks, Recovering and investors at the purpose of completion of the Agreement. Informs what the try wasfruitless) .Fls. 16,715 / 16,736 (Recovering requires the summonsof the Union From Banks subpoena for formalize the acceptance From termstraded. Alternatively requires lapse of guarantees fiduciary of Syndicate of Banks, per your no exercise at the deadline decadence, or, still, alternatively recognition of adverse possession Recovering on things inWarranty fiduciary to the Union of Banks, on which exercises the possession tame
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"Fumus boni iuris" .Disclaimer be undeniable the existenceof serious “Periculum in mora”, visa be possible, case Staya r decision aggravated, that the defendant Zaminaliene immediately the ore of iron for third parties, exhausting significantly the object good alienationfiduciary. They ask, in the alternative, the acknowledgment, also outright, that the limit $ 10,000,000.00 (ten million of dollars North Americans) , establishedby r. decision harassed, mail to the value rough in sale ore of iron. Propaganda, in peroration, fur provision to the resource, reforming a r. decisionaggravated, moving away the authorization of anyalienation ore of iron "what no is expresslyauthorized in AF Ore of iron is that no count with Preview and expressouthorization fur Syndicate Creditors ”.Fls. 571/576, convinced gives presence of “Periculum in mora”, I granted the effectsuspensive pleaded, only, to hinder The alienation of stock ore of iron “Sub judicie” until the appreciation definitive of the resource by the scholar ClassJudging. Against that r. decision recovering, now aggravated, interposed The Embargoes Declaration No. 2199480-27.2020.8.26.0000 / 50000.The aggravated presented countermand The pages 584 / 600.The Administrator Judicial manifestedif pages 602 / 607.The scholar Attorney General in Justice, in opinion of the plowing of the eminent AttorneyMARIO
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existence and validity of the fiduciary property now constituted, besides concluding for the violation of the legal regime applicable to the credits guaranteed by it. We add sentence of collaborative extra-bankruptcy creditors, to the extent that a. a hostile decision aggravates the collaborative financial creditor by qualifying as “a bad exercise of the guarantee right”, his decision to postpone the exclusion of his guarantees in favor of a constructive negotiation with the recoveree. They sustain procedural and material impediments that impose the reform of the r. a warred decision, insofar as it would result in the sale of iron ore in open breach of v. aspects that validated the constituted fiduciary disposals, the logic and the provisions of the judicial reorganization plan, as well as the legislation in force and the fiduciary alienation contract for iron ore. They indicate that the “LBO” credit is not subject to the effects of the judicial reorganization and the respective plan, due to the validity of the guarantees of the Bank Syndicate. They argue with the fact that the sale order implies, by way of a cross-section, the subjection of their credit to the tender procedure. Decree for the incompetence of the recovery court to provide for the “LBO” credit, as well as to constrain its holders to the effects of the judicial recovery. According to what they understand “to authorize Zamin to sell any portion of the iron ore object of AFMinério de Ferro without the prior consent of the Union, as creditor, is a measure that contradicts the V. Validity of the AFs, the pacified understanding of this E. Tribunal and the E. STJ, as well as the intention of the legislator who, expressly, gave privileged treatment to fiduciary creditors in the context of judicial reorganization, in order to stimulate the granting of credit with lower interest rates compared to those granted in unsecured operations ”. granting the suspensive effect to the appeal, as they consider the requirements fulfilled, notably the
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aggravating, deliveredby MM. Egregious Judge 2nd Court Bankruptcy and recoveries Judicial da Comarca gives Capital, Dr. PAULO FURTADO FROM OLIVEIRA SON, what authorized for sale of stock ore of iron gives recovering to the limit $ 10,000,000.00 (ten millions of dollars North Americans), with the reservation in 10% to the Union of Banks, creditor now aggravating, good as observing itself the procedure suggested through the manager judicial for proof of expenses and lifting of the amount.Report the aggravating, In summary,have celebrated with Zamin Amapá of Brazil SA (“ZAB”) and Intesa (in quality of agent of the Union of Creditors,"Agent")contract loanon 06/11/2013, through of which the Union of Creditors agreed in provide ZAB the amount in $ 135,000,000.00(percent and thirty and five millions of dollars north-american credit “LBO”)figuring the “ZAM” and “ZaminAmapá Logistics Ltda. ”, subsidiaries ZAB, amongothers, as guarantors and debtors solidarity of nominee contract loan, assured per diverse modalities of guarantees fiduciary, amongthey,alienation fiduciary on ore of iron. Notebe the totality of stock ore of iron, what if refers a r. decision now aggravated, object alienationfiduciary constituted by aggravated in favor of the banksaggravating, according already recognized by itselfrecovering, by the administrator judicial, by himselfd. Judgment recuperational and for this Egregia Cut. They claimevident insecurity legal, there is a view to imply a r. decision fought noncompliance to two v. judgmentsdelivered by that E. Tribunal, which recognized The
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will enableThe resumedof activities business, will revert in favor creditors labor it's from allthe interestedat Implementation of the plan recoveryaggravated, as well as ownaggravating(stockholders),whose permanence of the amount in countjudicial will preserve the active gives recoveringgiven away in Warrantyfiduciary, beyond reservation 10% (ten per cent) under the amount gives sale. Decision maintained. Appealdevoid.Embargoes Declaration. Examharmed, because of judgmentof the grievance of instrument.Visas.1.It is grievance of instrumentfenced per INTESA SANPAOLO SPA, HONG KONG BRANCH,CANARA BANK, LONDON BRANCHand STATE BANK OF INDIA, LONDONBRANCH, in the file of recovery judicial in DEV MINING SA (current name from Zamin Amapá MiningSA).Insurgent against a r. decision reproduced The pages 88/99 (pages 16,954 / 16,965 of the records source),complementedby r. decision reproducedto pages 100/105(pages 17,455 / 17,460 of the records originating) that welcomedpartially embargoes declaration opposites
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of necessary agreement Preview, on the part creditor fiduciary, for alienation of the object warranty.Possibilityin alienationconsidering the specifics of “sub judice ”Case. Risk imminent in deterioration tons oreof iron reported by the judicial administrator. Warranty fiduciary not can prevent the continuation From Business from the company recovering, about everything about hinder your uplift. Intelligence of the article47, of Law No. 11.101 / 05. Competenceof Judgmentrecuperationalfor deliberate on any act that interferes on the judicial recovery plan. Previous of ColendoHigher Court of Justice and thisEgregious Cut Bandeirante. Allegationof substantial emptying gives Warranty granted in alienationfiduciary. Away. Alienation in little fraction considering The totality of the volume of stock in ore of iron given as a guarantee, mercy than, admittedlyenough to pay off the credit of Syndicate of Banks aggravating. the molds what happened on r. decision harassed, what
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30,723twoCounty: Sao Paulo - 2nd Bankruptcy Court and Recoveries JudicialAction nº: 1088747-75.2015.8.26.0100Judge: Paulo Furtado de Oliveira SonAggravating: Intesa Sanpaolo SPA, Hong Kong Branch, Canara Bank, London Branch and State Bank of India - London BranchAggravated: DEV Mineração SA - current name in Zamin Amapá Mining SA (in recoveryjudicial) Interested: KPMG Corporate Finance Ltda. (administrator judicial) VOTE No. 30,723 Appeal of instrument. Rightbusiness. Recovery judicial.Insurgency against the decision what authorized for sale of stock in ore of iron recovering until the limit $ 10,000,000.00 (ten millions of dollars North Americans), with reservation 10% to the Union in Banks, creditor now aggravating, good as observing itself the proceduresuggested by the administrator judicialfor proof of expenses and lifting of the amount. Contract in loan guaranteed by alienationfiduciary on the totality of stock ore of iron in property of the recuperanda. Allegati
Long Post Alert - Am going to post the Google translated version but I think it is time for @MLQ, @maddog and @tomcat to pull out their deck chairs and binoculars.
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These notices of Appeal No. 2199480-27.2020.8.26.0000, seen, reported and discussed, of the São Paulo District, which are aggravatingINTESA SANPAOLO SPA, HONG KONG BRANCH, CANARA BANK, LONDON BRANCH and STATE BANK OF INDIA, LONDON BRANCH , DEV MINERAÇÃO S / A - IN JUDICIAL RECOVERY is aggravated. AGREE, in a permanent and virtual session of the 1st Reserved Chamber of Business Law of the São Paulo Court of Justice, to issue the following decision: declaration charges. V.U., in accordance with the vote of the rapporteur, who was part of this judgment.