Bankruptcy and recovery

With 11 factories and 148 stores, Paquetá asks for judicial recovery for debts of R $ 638.5 million

After almost 10 months of preparations, Paquetá Shoe Company, company that operates in the production and sale of retail footwear,

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After almost 10 months of preparations, Paquetá Shoe Company , a company that operates in the production and sale of footwear in retail, presented on Monday (24) your request for judicial recovery (RJ). The amount of debts covered by the proposal, filed in the electronic system of the judiciary, is R $ 638.5 million.

The company tried to make a direct negotiation with creditors to lengthen the commitments, but the costs were very high, reported to the column Márcio Carpenna, participant in one of the three groups that They advise the process that, according to the lawyer, aims to restructure the company completely. Also operating the consultancy Galeazzi and the office of João Pedro Scalzilli, specializing in judicial recovery.
The Paquetá invoices about $ 1.3 billion per year, has 10,250 employees, 11 factories, 148 own stores and 86 franchises. Recently, the company fired 600 employees. According to Carpena, this frame adjustment, which included units closure, was part of the plan to wipe the company. In addition to the Dominican Republic , another in Chivilcoy, argentina , had activities closed. The intention is to concentrate business, with a reduction that will not be drastic, says the professional:

- Today there is no perspective that from now on there will be resignation of significant number of employees.

Among the table options is the sale of parts of the company in the format of isolated Productive Unit (UPI). The group has three multi -brand retail chains - Paquetá, Gaston and Esposende (with stores only in the Northeast) - and two with a single brand, Capodarte and Dumont. The brand Ortopé also belongs to the company.

Carpena states that there are still negotiations with private equity funds (which buy parts of companies) to advance negotiations as soon as the judicial recovery is accepted.

- As Paquetá was in the most complex financial scenario, to finance themselves was in the hands of the few, which charge a lot. An RJ opens doors for Deep Finance, in the legal environment creditors and suppliers that help in the company's recovery. We are restructuring to put up a company expansion plan.

When an investor or fund lends money to a company already in RJ, details becomes an extraconcursal creditor, ie, he has the preference to receive if the recovery plan does not work. This lowers the cost of obtaining resources. But Carpena Caveat:

- The company is not in the phase of asking for recovery to avoid bankruptcy. The main objective is the capitalization of the company. Now it's not going to break.

Before submitting RJ's request to Justice , Paquetá communicated important customers, Like adidas and asics, brands for which they produce tennis. According to the lawyer, the contracts are maintained.