Belagrícola notice opens crucial deadline for creditors

A decision by the 1st State Bankruptcy and Judicial Recovery Court of Curitiba (PR) opened a stage considered crucial for rural producers who have credits to receive from Belagrícola. With the decision to publish the call notice for creditors, the legal deadline for submitting objections to the extrajudicial recovery plan proposed by the company begins.

In practice, the notice works as a formal call to creditors to analyze the conditions presented by the company and express any disagreements.

For the producers' lawyers following the case, this is the most important moment for the producer to act. "From now on, there is a legal deadline, and whoever does not act within it is, in principle, bound by the conditions of the plan that Belagrícola wants to approve. It is the time to act, not to wait", states, in a note, lawyer Raphael Condado, from the firm Condado & Baccarin Advogados, specialized in the defense of rural producers.

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County draws attention to a point that has not yet been resolved: the plan approval quorum itself. "The judge provisionally adopted the so-called 'Scenario A' of the expert report, which found 57.40% compliance.

The percentage exceeds the minimum required by law to process the request, but the judge highlighted that the issue will still be definitively examined during the approval trial.

The expert report presented different calculation scenarios, especially due to the controversy surrounding the classification of certain credits. Depending on the interpretation adopted at the end of the process, the adherence rate may undergo significant changes.

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Classification of credits is the central point of the dispute
According to creditors and their representatives, some amounts classified by Belagrícola as unsecured credits - those without specific guarantee and subject to the recovery plan - could, in fact, be considered extra-competitive credits, which are outside the effects of recovery.

If this interpretation prevails, certain credits would no longer be included in the calculation used to assess support for the plan, which could substantially reduce the percentage of adherence presented by the company.

The controversy has a direct impact on the validity of the plan, as the legislation requires compliance with minimum approval requirements for the extrajudicial recovery to be approved.

"There is a significant volume of credits classified by Belagrícola as unsecured, and therefore included in the approval quorum, which, in the view of many creditors, are credits with fiduciary guarantee and therefore extra-competitive, outside the scope of the plan. If these credits are excluded from the calculation, the quorum plummets. The STJ has jurisprudence to the effect that the determination of the remaining value of fiduciary guarantees only occurs after the effective liquidation of the asset, but this does not prevent the creditor from questioning the classification from now on. Anyone who doesn't challenge now loses this window."

Attention to storage and barter operations

In the County assessment, the same reasoning applies to producers with deposit, storage and barter operations. "The producer who delivered grains for deposit or storage at Belagrícola, or who operated via barter, is in a completely different legal situation from someone who simply sold grains. Depending on how the transaction was structured, this credit should not be subject to the plan, and may be declared extra-judicial by its own action. Anyone who misses the notice deadline will find it much more difficult to question it later", concludes Condado.

The expectation is that the next phase of the process will focus on relevant debates on the composition of the credits subject to recovery and on the effective compliance with the legal requirements necessary for the approval of the plan presented by Belagrícola.

When contacted, Belagrícola stated that it will not comment and the decision is part of the normal course of the process.

Source: CNN