AgroGalaxy indicated total liabilities worth R$4.67 billion in its request for judicial recovery; see the company's statement (Photo: Disclosure)
A AgroGalaxy (AGXY3) and its subsidiaries received this Tuesday (01) approval from the 19th Civil and Environmental Court of the District of Goiânia for their request for judicial recovery. The company informed the market through a statement to the CVM. The company informed that the full court decision is available on its IR website.
“The company will keep its shareholders and the market informed about the development of matters related to this material fact and regarding the development of judicial recovery, in accordance with current legislation and regulations”, they point out.
AgroGalaxy indicated total liabilities worth R$4.67 billion in its request for judicial recovery. Among the company's largest creditors, a highlight is Vert Companhia Securitizadora, responsible for structuring AgroGalaxy's Agribusiness Receivables Certificates (CRAs), with R$516.4 million to be received.
'There is a crisis in agriculture and we could see judicial recovery of other companies on the Stock Exchange'
The director of agricultural risk management at Ministry of Agriculture and Livestock (Map)Jonatas Pulquerio, said, in conversation with the Money Times, that the agro of Brazil is experiencing a structural problem and the sector raised an alert after the request for judicial recovery from AgroGalaxy (AGXY3)
Last week, Pulquerio participated in a conversation with Sebastian Popik, founder of the management company Aqua Capital, which controls AgroGalaxy. According to the director of Mapa, there is a chance for new requests for judicial recovery within the sector in 2024, even for companies listed on the stock exchange.
“Aqua Capital, whether for the public or private sector, does not want to hide anything, but rather to show that agriculture is experiencing a crisis. AgroGalaxy has a credit portfolio with the producer. The one who went into debt and went bankrupt was the producer. And this was passed on to resale,” he said.
See the AgroGalaxy statement