Net Serviços de Comunicação has rebutted a report published by wire service Agência Estado on Tuesday, June 3, according to which Net?s financial assets were ?seized by order of Judge Álvaro Lazzarini, of the 16th Civil Court in São Paulo, as collateral in a legal action filed by Unibanco for forced execution of debts? amounting to 83 million Brazilian Reals (now about 27m US Dollars).
The report published by Agência Estado said this sum referred to past-due loans. In a notice of material events Net Serviços acknowledged that it was a party to a suit before the 16th Civil Court but stressed that in this proceeding it was questioning the legitimacy of a claim for debt recovery by Unibanco. The judge recused himself, remitted the case to the Courts of Santo Amaro and annulled all previous decisions, the notice said.
Pay-TV News consulted the official register of the 16th Civil Court but failed to locate any such suit. This is unsurprising because of sub judice rules. The Agência Estado report mentioned a suit involving ?Net do Brasil?, which must be a mistake since Net Serviços has no affiliates under that name.
Analysts weren?t fazed by the report of a legal action for debt recovery. In particular, experts directly involved with negotiations on Net?s debt restructuring told PAY-TV News that the creditors are aware of a dispute with Unibanco but don?t see it as an obstacle to an agreement. Due diligence has virtually been completed and the main creditors are expected to present a counter-proposal to Net?s offer by the end of this month. It?s highly likely that Net will announce the final terms of its restructuring plan in late June or early July.