The judge Manoel de Queiroz Pereira Pants, from the 1st Chamber of Business Law of the São Paulo Court of Justice, suspended this Friday (25), the first instance decision that declared Livraria Cultura bankrupt. The measure is valid until the collegiate examines the appeal presented by the company, which can take up to 30 days.
Cultura challenges the opinion of Judge Marcelo Sacramone, of the 2nd Bankruptcy and Judicial Reorganization Court in the city of São Paulo, who rejected the company’s request to ratify an amendment to its judicial reorganization plan. In practice, the decision resulted in the declaration of bankruptcy, which would become effective as of the next 30th. This is because, without the amendment, only the terms of the initial contract, not complied with by the company, were considered.
The amendment was rejected by the creditors’ assembly, but the bookstore chain maintains that there was confusion in the virtual voting and error in the computation of the demonstrations. According to Cultura, two creditors even asked for the correction of votes, still during the meeting, but their request was denied by the judicial administrator.
“If the votes were correctly counted, according to the will expressed by the creditors, the amendment would have been approved by 51.11% of the voting quorum”, says the company.
Another argument used by Livraria Cultura to request a revision of the recovery plan is the drop in revenues in the pandemic. According to the company, revenue fell 73% with the closing of physical stores and the migration to the digital market was below expectations.
In the preliminary injunction that authorized the suspension of bankruptcy, the judge Manoel Pants considered it prudent to take the case to the plenary before “drastic and irreversible decree of the bankruptcy of aggravating companies”.
“The arguments deduced in the grievance grounds are endowed with a relevant degree of verisimilitude and significant complexity, demanding a deeper analysis of the elements brought to the appreciation of this” ad Quem “judgment, as well as of the origin process. Therefore, with the indispensable reverence to the principle of collegiality, the question must be submitted to the Colenda Turma Judgadora, after regular processing of the appeal, before the drastic and irreversible decree of the bankruptcy of the aggravating companies, under penalty of jeopardizing the claim sought by the appeals court “, wrote the magistrate.