Corporate conflicts in judicial reorganizations
In view of Brazil's current economic scenario, many companies have filed applications for judicial reorganization as a way of renegotiating their debts in order to maintain their activities and carry out their corporate purpose. Often, they must resort to this procedure without prior approval by the general meeting, which is pending further confirmation per the terms of article 122, sole paragraph, of the Brazilian Corporations Law.
Ordinance standardizes the terms for classifying projects in the logistics and transportation sector as priorities
With the issuance of GM Ordinance No. 517/2018, the Ministry of Transport, Ports, and Civil Aviation provided guidance, at the beginning of October, on the procedures and requirements for the approval of investment projects as a priority in the area of ​​infrastructure, in the logistics and transport sector, and for the issuance of incentive debentures. The text of the rule puts into effect the provisions of article 2 of Law No. 12,431/2011, which regulates the conditions for the offer of incentive debentures with the objective of financing priority investment projects.
Collision between vessels on the island of Corsica: analysis of the civil liability regime for oil pollution according to international conventions
The collision of the Tunisian-flagged container ship Ulysse with the Cypriot-flagged freighter CLS Virginia near the island of Corsica in the Mediterranean Sea in early October spilled dozens of cubic meters of fuel oil and mobilized French and Italians in an attempt to contain the oil spill in the sea. The oil slick stretched for about 20 kilometers towards the French coast in a strip 100 meters wide. The authorities involved have not yet disclosed the cause of the accident, but given the good conditions of visibility and weather, the accident was probably caused by human error.[1]
Brazil-US open skies agreement awaits only presidential decree to take effect
After the approval and promulgation of Legislative Decree No. 15/2018 by the Federal Senate, on March 20, the Agreement on Air Transport between Brazil and the United States (Open Skies), signed by former presidents Dilma Rousseff and Barak Obama in 2011, awaits only the promulgation of a presidential decree to be enacted.
New government will inherit good rail projects to be executed in the short term
In September, BNDES approved four credit transactions for three different companies in the rail sector, totaling almost half a billion Brazilian Reais for the revitalization of lines, maintenance of equipment, and purchases of new railcars and machinery. This measure is in line with the new governmental policies and directives for the promotion of the railway sector, which, since 2007, when the North Section of the North-South Railroad was subject to a sub-concession, has been suffering from a lack of consistent privatization projects.
Project bonds and the Brazilian market
The infrastructure financing sector in Brazil has undergone significant structural and strategic changes in the last two years. These changes were mainly focused on the strategic redefinition of the National Economic and Social Development Bank (BNDES), which has gradually withdrawn from its centralizing role in financing transactions to assume a profile more complementary to the capital market, with new financing conditions and the adoption of the Long-Term Rate (TLP), which replaced the Long-Term Interest Rate (TJLP).
The new National Railway Development Fund
Presidential Decree (MP) No. 845/18, published on July 20, established the National Railway Development Fund (FNDF), with the objective of allocating resources to the national railway system. The FNDF will give priority to the implementation of the stretch between the Port of Vila do Conde in Pará and the North-South Track (EF-151 or FNS). The investments will start in the municipality of Barcarena/PA, per the terms of article 3 of MP 845/18.
New bids in the port sector: investment opportunities
The public notice for projects qualified during the fifth meeting of the Council of the Investment Partnership Program (CPPI), held on March 25, is expected to be published by next quarter, and the auction is expected to be held later this year for contracts for the beginning of 2019.
Since the Social Security Reform failed, the Federal Government announced that it will prioritize institutional micro-reforms. One of them is the new framework for regulatory agencies, the subject of Senate Bill (PLS) No. 52/2013.
A review of the decision on the validity in Brazil of maritime mortgages registered abroad
The validity of maritime mortgages registered abroad has been subject to judicial battles for the past few years in Brazil, in the context of the OSX 3 Leasing B.V. case. The debate has finally reached a positive outcome for creditors, represented by Nordic Trustee ASA as the trustee and mortgagor, thanks to a decision issued by the Superior Court of Justice (STJ) on November 17, 2017, and published on February 1, 2018.
Reform of the electricity sector and incentives for renewable energy sources
The Ministry of Mines and Energy (MME) submitted to the President of Brazil a proposed bill (PL) relating to the reform of the electric sector and covering a variety of significant changes to the sector that have long been awaited.
Anac's scrutiny of public aviation services provider’s corporate acts
In this article we analyze which situations call for companies providing public aviation services to submit their corporate acts for the approval of the National Civil Aviation Agency (ANAC) before they are filed with the competent board of trade.