Google translate of court decision 28 July 202031 Jul 2020 05:01
The sale of iron ore does not violate the terms of the judicial recovery plan, but seeks to respect how much has been agreed and not yet implemented due to the Union's own delay in resolving its internal conflict and come to a successful conclusion in the negotiation with the recoveree. The impasse in the negotiation has the practical effect of harming the collectivity of creditors and others interested in the resumption of the reorganization's activities, requiring cautious but essential judicial action. In this line, the embargoed decision does not remove from the Union the status of fiduciary creditor, does not empty its guarantee or place it in a situation of vulnerability to renegotiate the form of satisfaction of its credit. It only allows the sale of iron ore, taking advantage of the high price in international trade, to support the payment of labor and low-income creditors, an imposing measure in view of the impasse in the negotiations. The proceeds from the sale will be deposited in a judicial account and released under the supervision of the Judicial Administrator, for the satisfaction of the aforementioned creditors and for the operational expenses of the recoveree. In addition, all cautions mentioned by Judicial Administrator 17.231 / 17.232 must be observed, which satisfactorily serve the interests of the Banking Union and other creditors. For this reason, I maintain the sale authorization, with the precautions mentioned above, providing the embargoes in that part.
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