Within the regime, the club cannot suffer legal blocks in their accounts, but there are creditors who have tried to overthrow the project in progress in recent months
The São Paulo Court of Justice approved the centralized regime of executions (RCE), with a 17 to 7 vote. This plan aims to pay $ 367 million out of a total of $ 2.4 billion in club debt over a decade, with correction by the IPCA. In this case, Corinthians had the performance of the Mubarak and Mandel offices, as well as the support of the presidency, vice-presidency, legal and financial directors, as well as a committee of members of the Deliberative Council, appointed by their respective president.
“The club thanks everyone for their performance and extols that the decision for RCE, together with spending control, increased revenue and the adoption of other debt centralizing measures, are essential for the club to achieve its legal and financial reorganization,” wrote Corinthians, after the court victory. The document had been presented in February, in which Corinthians detailed as it intends to pay, in ten years, R $ 367 million of the total of R $ 2.4 billion in debts against the last years.
Debts will be corrected by the Consumer Price Index (IPCA) and there is a 60% settlement target in the sixth year. Within the regime, the club cannot suffer legal blocks in their accounts, but there are creditors who have tried to overthrow the bill in progress in recent months. At the level, RCE’s lawyers detail the reasons for Corinthians’ economic crisis, starting with the discrimination of the amount of debt included in the regime.
With the plan approved by the court, the actions and executions underway against Corinthians are suspended, and the creditors involved in the RCE can make charges only within the terms provided for by the plan. With payments, the debts will be paid “automatically, unrestricted and irrevocable”.
In addition to the R $ 367 million foreseen in the RCE, Corinthians still carries significant debts on other fronts. There are about R $ 677 million related to neo chemistry arena, contracted for the construction of the stadium. In tax debts, the liability is approximately R $ 817 million in unpaid charges. In the civil and labor areas, the club has about R $ 926 million, this amount regarding pending issues with suppliers, agents, athletes and ongoing court proceedings – of which the R $ 367 million approved are part.
The Corinthian president, celebrated the decision. “We will look for our creditors to approve and organize our payment flow. This is another measure that aims to reorganize Corinthians,” he said on a video. The project establishes that the payment method must be direct transfer of funds to the bank account of creditors or in account of a prosecutor with powers to receive and give discharge. Account data must be passed on within 15 days after approval of the RCE. Already the start of payments will be from 45 days after the publication of the plan.
*Report produced with the aid of AI and Estadão Content
Posted by Fernando Dias
