The amendment to the judicial recovery plan of Supervia, the concessionaire of the train service in Rio de Janeiro, was approved this Tuesday (4) by the 6th Business Court of the Capital. The measure resolves issues necessary for the service transition and creation of a fund, which will facilitate the sale of the concessionaire’s assets separately.
In the decision, the Business Court highlighted the importance of the measures adopted when, just over a year ago, the insolvency of the Supervia Group was reported, which threatened to plunge the railway system into an abyss.
“Several factors, including the court’s insistent call for composition, reinvigorated the public spirit of those involved and brought them back to the negotiating table to guarantee continuity of service”, said the judge of the 6th Business Court, Victor Agustin Cunha Torres, in the decision.
The court authorized the creation and sale of the UPI Ferroviária (Isolated Production Unit), which is a set of goods, rights and assets that can be sold separately, without the buyer acquiring the debts or liabilities of the company in judicial recovery. This strategy aims to preserve economic activity and jobs, allowing the operation to continue by a new investor.
The judge also determined that the controllers must revert, in favor of the Supervia Fund, the net income from the account Escrowwhich is an intermediary custodial account that holds funds on hold.
Budget
“The State of Rio de Janeiro, in order to match this investment and as an essential condition for structuring the UPI, must also return to the Supervia Fund R$ 10 million deducted from the total R$ 70 million it had reserved for the payment of labor funds in favor of the new operator until the effective consolidation of the transition”, wrote the judge in another part of the decision.
In October 2024, Supervia warned of the possibility of bankruptcy. In the midst of the crisis, the alternative of selling UPI Ferroviária was raised. This would allow a new operator to take over the railway system, guaranteeing continuity of service, while Supervia’s liabilities would be dealt with in judicial recovery, which has just been determined by the courts.
The restructuring plan makes it possible to predict the future termination of the concession contract and transfer of the operation. The approved amendment formalizes the conditions for transferring railway operations via UPI Ferroviária. The measure guarantees compliance with the principles of preserving the company and continuing essential public services.
SuperVia’s railway network operates in 12 municipalities in the metropolitan region of Rio de Janeiro, with 270 km in length, 104 stations and eight branches. Currently, the company transports an average of 300 thousand passengers per business day.
