Southrock failed to pass all classes of creditors to its judicial recovery plan, but said it is confident in the approval of the plan by justice by obtaining the endorsement of the majority of three of the four categories of creditors.
At the assembly on Wednesday (5), the Southrock Royal Creditors’ class-which has only one lender in practice-voted against the company’s recovery plan, which operated the Starbucks coffee chain in Brazil. It was necessary to have the majority in all classes.
Despite the rejection in this class, the company said it still trusts the approval of the proposal. “The company understands that all legal requirements are fulfilled,” Southrock said in a press release.
Last year concluded a contract for sale of Starbucks stores in the country to Zamp, an operator of brands such as Popeyes and Burger King in Brazil, after approval by the Administrative Council for Economic Defense (Cade).
