One year later, how is the judicial recovery of Socaltur Ivoti progressing?

Exactly one year ago, the Capivarense Bus Company, Socaltur Ivoti, filed for bankruptcy protection. The process, which has been under negotiation since then, is currently suspended due to the Covid-19 pandemic. The company's creditors' meeting, scheduled for the beginning of this year, was canceled and a new date has not yet been set.

The information comes from Robson Lima, a consultant at the law firm Medeiros, Santos e Caprara (MSC) Advogados, who visited Socaltur Ivoti's headquarters in July 2019 to negotiate the terms of the agreement. According to him, although the bus company is active and operating without changes to its services, there has been a drop in the number of users, impacting the company's finances.

“The company is transporting a third of the normal number of passengers, which further complicates this process. On Monday [July 13th], there were 15 more layoffs. The state's flag system has been damaging Socaltur,” says Robson. The company's total debt amounted to approximately R$ 6 million in 2019, contributing to the bankruptcy filing.

This value would be negotiated at the assembly. For now, activities continue, both passenger transport and the gas station and related services, such as the partnership with Bosch Car Service. "Before the pandemic, everything was going very well. Now, with the new economic scenario, it is necessary to wait," the consultant points out.

According to Robson, Socaltur Ivoti is committed to restructuring. "We regret that this pandemic situation occurred at an important stage for the company, but the objective remains to restructure the company," he emphasizes, reinforcing that the judicial administrator only took over the case, and that the overall administration continues to be the responsibility of Socaltur Ivoti.

What does Socaltur Ivoti say?

Speaking to the newspaper, one of the company's administrators, who wished to remain anonymous, confirmed the information provided by Robson, including the drop in revenue due to the pandemic. "The recovery process continues, but it will have to be reviewed, and we cannot specify dates. The company continues its activities normally."

In 2020, the Capivarense Bus Company celebrated its 66th anniversary. One of the leading companies in the sector, its first route connected the current municipality of Lindolfo Collor to São Leopoldo. Today, its intercity transportation service covers the municipalities of Novo Hamburgo, São Leopoldo, Picada Café, São José do Hortêncio, Presidente Lucena, Lindolfo Collor, and Estância Velha.

Source: The newspaper