[ad_1]
Judge Tiago Henriques Papaterra Limongi of the First Court of Bankruptcy and Bankruptcy brought amendments to the decision rendered Tuesday (11) to Avianca Brasil, which was in judicial recovery . Thursday (13), following a request from the aircraft leasing company Constitution Aircraft Leasing, he decided to set a deadline of 30 days for the suspension of the reinstatement of the possession of the aircraft in front of courts.
The judge held a conciliation hearing between the parties on January 14, 2019 in São Paulo, with the participation of the judicial administrator. The office of Alvarez & Marsal was chosen Thursday to lead the process. The 30-day period is provided for in the Cape Town Convention, an international treaty contained in Decree No. 8.008 of 2013.
Under the terms of the agreement, in the event of the airline's insolvency creditors can take back the plane within this period. "The suspension of the reinstatement orders will be valid for a period of 30 days, the period of time defined by the Brazilian State upon its accession to the said convention," said the judge, who in the first decision Did not mention the treaty.
that the suspension of the actions can not be perceived on the aircraft already taken back. In total, four aircraft were taken back. Ten other people were the subject of a repossession procedure, which was not conducted as a result of the company's request for judicial reorganization on Monday.
The judge again stressed that it was important to keep the aircraft with them. society. First because of the high season and about 80,000 pbadengers who could be injured. Secondly, it is necessary to give the company a chance to recover.
Similarly, it argues that "only viable enterprises should remain on the market and that this viability can not be achieved at the expense of creditors and at the expense of international legal and regulatory provisions". "The recognized concentration of the domestic air market is not a sufficient argument for maintaining the operations of a company that is not economically viable."
