The planned destination could even be original, but the last stop was more than expected. After a period of judicial recovery, which began in 2016, Viação Itapemirim and Viação Caiçara (Kaissara), belonging to the Itapemirim Group, were declared bankrupt by the São Paulo Court on Wednesday (21). The body complied with the request of EXM Partners, judicial administrator. With this, the carrier Suzano, from São Paulo, was authorized to take over the lines of the two companies, for one year, a period that can be extended for an equal period. The parties, however, can still appeal.
The determination came from the head judge of the 1st Court of Bankruptcy and Reorganization of the Court of Justice of São Paulo (TJSP), João de Oliveira Rodrigues Filho. At the opening of the process, the seven related companies presented consolidated debts above R$ 2.2 billion. In addition, at least 4,500 former employees are awaiting termination payments.
The last trip by Itapemirim, which has already been a reference in road transport in the country, and Kaissara was defined practically in the middle of the year when the judicial administrator himself requested bankruptcy, on the grounds that there was no way to economically save the companies, group leaders. At the time, Piva had already been removed by the Justice from the command, in addition to being monitored by an electronic anklet. Last month, the businessman had three luxury cars auctioned to pay a R$1.2 million court debt.
In March, the Justice had already determined the blocking of Piva’s assets, on suspicion of dilapidating Itapemirim’s assets. He was accused by shareholders and creditors of embezzling resources from the judicial recovery plan (PJR) for the creation of Itapemirim Transportes Aéreos, ITA, which operated only in the second half of 2021 until its flights were suspended. According to the records, the deviations at Itapemirim totaled R$ 45.3 million. The default, within the PRJ, would be almost R$ 100 million.
MANEUVER In addition to the suspension of ITA activities, in December Piva was once again the target of criticism after the website Congresso em Foco showed that, months earlier (May), he had opened a company in the United Kingdom worth 780 million euros, at around R$ 6 billion at the time. SS Space Capital Group UK ltd’s economic activities are holding financial services, investment funds and open investment. “The Itapemirim Group has no corporate relationship with SS Space Capital Group and, therefore, there is no connection with the judicial reorganization process,” Itapemirim told DINHEIRO, in a note, at the time. In other words, there is no money to pay off debt here, there is plenty of money to open a company in London. It may be legally defensible, but morally it doesn’t seem to be.
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