Bruno Calfat Advogados represents OSX Brasil S.A., OSX Brasil – Porto do Açu S.A., and OSX Serviços Operacionais Ltda. — collectively referred to as “Grupo OSX” — in the group’s second request for judicial reorganization (similar to Chapter 11 under U.S. law), currently pending before the 3rd Business Court of the State of Rio de Janeiro.
The specialized court issued a decision approving Grupo OSX’s second judicial reorganization and granting preliminary injunctions aimed at enabling the companies’ recovery, such as the suspension of acceleration clauses in debt contracts and the prohibition of interruption in the provision of essential services by certain providers to Grupo OSX.
This decision was challenged by some creditors, who argued primarily that the 3rd Business Court lacked jurisdiction to hear and decide on the new judicial reorganization request and that the case overlapped with the group’s first judicial reorganization. Other creditors specifically challenged the preliminary injunctions that prevented the enforcement of acceleration clauses and barred the suspension of services provisions to Grupo OSX.
Upon reviewing part of the appeals, the 12th Panel of Private Law of the Rio de Janeiro State Court (TJ/RJ) fully upheld the arguments presented by the companies under reorganization, finding the jurisdiction of the 3rd Business Court, rejecting the claim of lis pendens, and confirming the preliminary measures preventing both the enforcement of acceleration clauses and the interruption of essential services provided to Grupo OSX.