27/03/2013
Fund charges $ 150 million of LAEP, warning that bankruptcy flap Autor: Exame.com
The food and dairy company LAEP Investments, which owns the Parmalat brand, announced today that it is being run by the fund GLG Emerging Markets Special Situations Fund a debt of more than $ 150 million. The lawsuit was filed in the courts of Bermuda and, according to LAEP, could result in the liquidation of the company.
According to the company, "it is not possible to determine all the effects that result from the implementation regarding the company, its shareholders and other creditors."
He adds that "if a receiver is appointed (provisional liquidator), the same priority will aim to satisfy the credit" of the fund, "to the detriment of employees, shareholders and other creditors of the company." LAEP informs that the action did not interrupt the operating activities of the company.
It is more a confusion involving the owner of the Parmalat brand stigmatized. At the end of last year, Laep approved a capital increase of $ 530 million to $ 946 million, triggering protests from the minority, that would be heavily diluted. The company claimed to pressing financial difficulties increased.
In early March, the Brazilian Securities Commission (CVM) and the prosecution in court blocked the assets of LAEP driver, Mark Elias, and the sale of the company, which is headquartered in Bermuda for Prosperity group, Angolan company controlled by the Company Manufacturing and Trade of Angola, which also has its headquarters in the tax haven.
With the transaction, Laep cease to exist and its successor would Prosperity in all joint obligations of companies.
The lock was requested by CVM and MPF within an injunction to determine the responsibility of the employer in damages to investors broadcaster BDR (receipts of foreign stocks traded in Brazil) Laep of Investments and securities market as a whole , "in view of evidence of violations of rules governing the Brazilian securities market and the impending merger of the company with Laep Overseas Prosperity" of Bermuda.
