THE Corinthians appealed against the execution requested by the Caixa Econômica Federal referring to arena debt.
Because of the unpaid installments of the $ 400 million financing made for build the stadium, the state bank filed for execution on September 12 in the amount of R $ 536 million, including interest and fine. For the club, the debt is $ 470 million.
"The negotiations between Corinthians and Caixa are ongoing and we believe that the best solution for both parties is the wake up. However, due to the need to comply with the procedural deadline, we filed embargoes on execution showing the existence of excessive capitalization of interest and collection of undue charges, among other aspects. We pledge the fund's shares as collateral and expect execution to be suspended, ”says Fabio Trubilhano, Corinthians' director of legal affairs.
In the appeal, the club asks that Arena Itaquera S / A, the company that manages the stadium and that is part of an investment fund with Corinthians as a partner, be taken from Serasa. It also requests the judge to set a date for the conciliation hearing.
The first meeting to try a new deal to repay the debt happened last Tuesday (1st), Without the presence of presidents, it was a technical meeting. Corinthians asked for a reduction in annual interest of 9% per year and said it can pay installments of $ 3 million monthly ($ 36 million per year), close to what the stadium moved in 2018 ($ 39 million).
At the end of this month, there should be a meeting between Andrés Sanchez, agent of the association, and Pedro Guimarães, president of Caixa.
Under the agreement in force, the installments would be $ 5.7 million. In 2019, Corinthians paid only two and overdue.
There is no deadline for the judge to review the appeal.
Debt and what can happen between Corinthians and its arena
Can Corinthians lose the stadium?
Running out of the stadium to play their matches is an unlikely scenario.
According to the guarantees given, Caixa may be entitled to Itaquerão's revenues, quotas in the fund that manages the arena and two registrations (real estate) of Parque São Jorge in the event of non-payment of the financing.
Another guarantee, which was given by OPI (Odebrecht Participações e Investimentos, subsidiary of the contractor), is no longer valid because of the judicial recovery process through which the holding company.
What is Itaquerão's total debt?
For the stadium to be ready, at the beginning of 2014, more than R $ 985 million (R $ 1.3 billion in updated values) was spent. Adding interest and financing with Caixa, this amount exceeds R $ 1.6 billion (according to Odebrecht projection); There is disagreement between the parties as to the final amount.
How much has been paid?
So far, Corinthians says it has transferred to Caixa R $ 158 million. In addition to debt with the bank, it has debts with Odebrecht. Both parties disagree on the amount to be paid. The construction company recently charged R $ 800 million from the club, which claims that part of the work has not been completed and proposes to assume the company's debt with BNDES, of R $ 470 million. According to Corinthians president Andrés Sanchez, the team would pay R $ 160 million to the construction company.
Is Corinthians the sole owner of the arena?
Arena Corinthians is managed by a fund with three shareholders, Corinthians, Odebrecht (via OPI, acronym for Odebrecht Participações e Investimentos) and Arena Itaquera SA, of which the contractor itself and BRL Trust, the equity management company, are shareholders. funds.
When does the club intend to repay the work?
Corinthians states that it maintained the initially expected term of 12 years, due in 2028.
What revenue do you want to pay?
The main source of revenue is the box office. In this year's budget, the club expects to raise $ 100 million with games and other events.
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