Modality allows to maintain operation of factories until settlement of the equity and payment of creditors
The court of Santa Catarina decreed on Thursday (27.mar.2025) the continued bankruptcy of the traditional company of the field of tissues. The modality allows the company to maintain operations while liquidating its equity to pay the creditors.
Teka has been in judicial recovery since 2013. The process has allowed debt renegotiation to avoid the end of activities and elaborates a plan to circumvent the crisis.
Bankruptcy was decreed by Judge Uziel Nunes de Oliveira, holder of the Regional Court of Bankruptcy, Judicial and Extrajudicial Recovery of Jaraguá do Sul. This is the document (PDF – 272 KB).
Teka has been in operation since 1926, for almost 100 years. Currently, he says he has 1,750 employees in the Fabris parks of Santa Catarina and São Paulo. The effect on employment dynamics was the reason that led justice to keep bankruptcy continuously.
Also according to the company, more than 2.5 million pieces and 2.5 million m² of fabric per month are produced.
The bankruptcy request was reported to investors on February 27 through a relevant fact. Given the history, it was not necessarily a surprise.
“The judicial administrator reiterates its commitment to the preservation of jobs, the full fulfillment of the obligations assumed, as well as with the maintenance of productive activities”the document tells the investors. Here’s (PDF – 131 kb).
Understand the difference between:
- bankruptcy – JUDICIAL PROCEDURE that ends the activities of a company, liquidating their assets to pay creditors according to the priority defined by law. Then the company ceases to exist legally;
- judicial recovery – Legal procedure that allows a company in crisis to renegotiate its debts and restructure its operations to avoid bankruptcy. It continues to work while fulfilling a recovery plan approved by creditors and the judge.
