By: Vitor Ferrari and Ivan Kubala.
After a dark 2021 that resulted in an increase of R$1.4T 6 million in its total liabilities, Paraná Clube, a traditional football team from Curitiba, has decided to file for judicial recovery at the Bankruptcy and Judicial Recovery Court of Curitiba. Those responsible claim that the request is extremely urgent, as the club has been suffering from blockages in its accounts due to executions promoted by its creditors.
The possibility of judicial recovery is extremely important for the club's accounts, since if the request is granted by the competent court, its processes and protests will be suspended for 180 days, extendable for the same period, and it cannot be subject to new executions while the suspension is in force, as provided for in Law 11.101/05.
However, the club's total liabilities cannot be subject to judicial recovery, since the aforementioned law provides that tax debts are not subject to the judicial recovery process. The club currently has R$8.9 million in debts of this nature. If the request is granted and the judicial recovery plan is approved, the labor debts, R$37.7 million, and civil debts, R$55 million, may be negotiated with creditors, with priority given to payment of labor creditors.
One of the club's assets in paying off its debts is the monthly income of R$304,000, from sponsorships, ticket sales and the fan club program; the Vila Olímpica do Boqueirão, valued at around R$37.5 million; and above all the Kennedy headquarters, valued at around R$88 million, which has already been the target of unsuccessful auctions.
The club's directors are optimistic about its recovery, they believe that Paraná Clube has all the conditions to rebuild and return to the elite of Brazilian football, whether through the judicial recovery process or even through external investors who are interested in taking the venture to the SAF's.
The club's situation is critical, as it needs a monthly amount for payroll, especially for its players, and unfortunately it was relegated to the Access Division of the Paraná championship and is currently in the D series of the Brazilian Championship, whose prizes are not high. If it does not gain access to the Brazilian Championship this season, the club will not participate in any national championship until at least 2025, which would certainly further compromise the club's weakened financial health.
Base/source: MOREIRA, Guilherme. Paraná Clube files for judicial recovery to settle labor and civil debts. Published on 07/04/2022.
Available at: https://ge.globo.com/pr/futebol/times/parana-clube/noticia/2022/07/04/parana-clube-entra-com-pedido-de-recuperacao-judicial-para-poder-pagar-dividas.ghtml
With the collaboration of Luis Felipe Simões