Judge Edson Luiz de Oliveira, of the 5th Civil Court of the district of Joinville, authorized the release of R$40 million to pay Busscar's labor creditors. Each worker will receive a maximum of R$50,000.
However, this amount will likely only cover creditors classified as non-bankruptcy creditors. The decision was made on February 20, 2020.
The process has the number 0046851-57.2011.8.24.0038 and is therefore in bankruptcy proceedings of Busscar Ônibus SA
Court Order
Therefore, the amount corresponding to each of the creditors will be transferred, by court order, to the account of the judicial administrator, by the Judge of Joinville.
For payments to begin immediately after, a total period of 60 calendar days was set, counting from the date of the decision.
Any balance at the end of the term must be immediately collected by the judicial administrator in favor of the bankrupt estate for later use in a new apportionment or payment of creditors.
After all, information and guidance can be obtained directly from the judicial administrator, who has observed the debtor's ability to pay.
The judge, in support of his decision, also argues that, after due diligence, “it was observed that there were financial resources, in judicial deposit, (type), which support, as a priority, a large portion of labor credits.
These are already recognized and regularly qualified, which, as we know, fall into the category of extra-competitive.”
The judge recalls that the possibility of apportionment had previously been recognized, and, at that time, the payment of approximately 30% was defined and regulated.
Meanwhile, Busscar, once one of Brazil's leading bus manufacturers, reached its peak in the 1980s and 1990s.
It declined after the death of patriarch and founder Harold Nielson. Rescued by the BNDES in 2004, it entered a severe crisis in 2008, from which it never emerged.
In 2011, it entered judicial recovery and was declared bankrupt.
Of each of the labor credits, what remained was met and fulfilled by the judicial administrator.
Busscar was declared bankrupt in September 2014. However, it was one of Brazil's most important bus manufacturers, achieving international recognition. Its operations ceased in 2012.