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RIO – A possible favorable decision of the Superior Court of Justice (STJ) to take the Yellow Line could generate a risk not only for Lamsa, but also for Metrô Rio. In the file, Lamsa’s defense affirms that in the classification (assessment issued by credit rating agencies on credit quality) of Lamsa may generate early maturity of debentures (private credit guarantee), causing R $ 217 million to be paid. But the company claims it has no cash to pay the debt right now, especially without the collection of tolls. In this scenario, Metrô Rio would be activated, as a guarantor, and would have to pay R $ 100 million, as provided in the contract.
– Right now, we are in discussion with the creditor, but he has the right to make the maturity in advance. As Metrô Rio is the guarantor of a party, if the Yellow Line cannot pay, the creditor will go after it. It turns out that the Metro is hanging by a thread, because it receives far fewer passengers than normal capacity and is not in a position to pay. This could have a domino effect, explains Invepar Group CFO Enio Stein.
Remember: Crivella says that the Yellow Line toll should be between R $ 4 and R $ 5, after a decision of the Supreme Court authorized it to be resumed by the City Council
The collection of tolls is around R $ 1 million per day. Stein points out that the amount raised is not only used to pay the operating costs of the highway, but also to reimburse investors for the construction of the project.
– The toll not only pays for maintenance, but also for the investment that was made there. If the investor is called in to build a highway that can be explored for 30 years and after having it ready, the government decides to take over because the operating cost is cheaper, it is a great regulatory risk – he says.
Decisive day at the STJ
There comes the dispute between the City Council and Lamsa for control of the Yellow Line – a telenovela that has been going on for a year and that, in one of the most dramatic episodes, even included the destruction of the toll plaza by the city’s backhoes- to the final chapter. The Special Court of the Superior Court of Justice (STJ) will decide whether the expressway, which connects the North and West Zones, will remain in the hands of the City Council, which took over administration on September 16, or if it will go to the concessionaire.
It is not yet known if the mess will have an “extra stage”, in case one of the parties turns to the Federal Supreme Court (STF). But the truth is that the result of this Wednesday will affect the lives of thousands of Cariocas, there are 300 thousand vehicles that pass through the place per day. If the concessionaire wins, the collection of the toll, which is suspended, must be resumed immediately. If the municipal executive wins, he must explain how he will maintain the operation and conservation of the roads, which cost around R $ 100 million per year. The experts heard by GLOBO estimate that the city cannot maintain the standard of service offered.
