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Court ruling allows Leardini Pescados to avoid bankruptcy

Seafood products traded by Leardini Pescados. (Photo: Leardini Pescados)
Click on the flag for more information about BrazilBRAZIL
Thursday, May 14, 2015, 02:20 (GMT + 9)
The First Civil Court of Navegantes granted Leardini Pescados a Court Recovery in order to allow it to renegotiate its debts and avoid a bankruptcy decree.
This company, located in Santa Catarina, is one of the largest in the country dedicated to fish processing. It was opened in 1988 and has about 400 employees in Navegantes.
According to the company president, Attilio Sergio Leardini, the rise in the dollar and interests, the informality in the fishing industry and investment of BRL 20 million (USD 6.5 million), which they performed in the last three years were some of the reasons that led them to file a request for tax recovery last week.
The increase in the dollar was "the main factor" affecting the financial position of the company, since imports account for 65 per cent of the fish processed by the industry while exports account for 15 per cent of production.
"In the last 12 months, the dollar rose 50 per cent, which made our debt almost double," said the entrepreneur.
The decision taken last Friday by Judge Adrian Perozzo Daltoé Tanit granted the firm a 60 day deadline to submit a recovery plan and temporarily suspends a part of the claims against it, related to labour and tax issues.
Leardini Pescados is one of the largest suppliers of fish stocks in Brazil and exports its products to Europe, Asia and North America, Zero Hora reported.
João Lacê Kuhn, an attorney specializing in Commercial Law and Civil Process, explains that the Judicial Recovery is a legal measure to prevent the breakdown of a company.
With it, the entrepreneur gets time to manage the firm’s debts and avoid bankruptcy, while for consumers, the recovery keeps the firm active.
"Our experience is that over 50 per cent of companies are successful with the judicial recovery -- stressed the attorney. Those that do not are considered not to have devised a good plan or not to have the necessary conditions for their restructuring."
Leardini Pescados annually produces about 24,000 tonnes of fish and in 2014 a turnover of BRL 210 million (USD 68.7 million).
The company has subsidiaries in Fortaleza, Sao Paulo, Rio Grande, Belem and Recife, and has about 4,000 domestic and foreign customers, Diario Catarinense reported.
The creditor banks of the company are Banrisul, Banco do Brasil, Votorantim, BNDS, Safra and Itaú.

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