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The construction company Britalar-Sociedade de Construções, SA, from Braga, installed, a few days ago, a new PER- Special Recovery Plan in the Famalicão Court. The room in the space of four years. But businessman António Salvador has nothing to do with the case, since he sold the company in March to a Brazilian group.
As the MINHO has learned, the Union of Construction Workers north of the Duero River sent a document to the Court this Thursday in which the PER request is questioned, arguing, among other things, that it appears in the document as a creditor of 5.8 million euros a company created in April 2020, long after the approval of the last PER, in June 2020. The Union intends to challenge the Plan.
The approximately 15 employees who still have money to receive from Britalar complain that they have not received the portion agreed in the last PER, six months ago.
They consider it “very strange” that the Brazilian company that Britalar acquires has two million assets and 20 million liabilities on the balance sheet, that is, they argue, it is “technically bankrupt.”
MINHO contacted António Salvador, who declined to comment. A source linked to the process said that the buying company operates in Portugal in the waste area and now intends to invest in civil construction: “they are willing to develop the company,” he said. As for the delay in payment to former employees, the same source guaranteed that, while the firm belonged to Salvador, the benefits were paid until February.
“Britalar had a debt of 80 million at the time of the first PER and now only has 20 million, which means that a great effort was made to pay the creditors.”
Debt of 36 million in 2019
In May 2019, the PER approved in court indicated a debt of 36 million euros to 635 creditors.
In the document, the company claimed to have guaranteed “the entry of a partner / investor who will provide financial resources and productive capacity, without increasing its cost structure, allowing it to take advantage of business opportunities in the growing market.”
The investor – whose name is not indicated – “undertakes to make a capital increase, through new cash inflows, for an amount sufficient to make the proposed debt service viable.”
The Plan proposed to pay common creditors – providers – in 149 monthly installments, that is, in more than 12 years, but it points out the possibility of paying off the debt more quickly, if the creditor makes a discount, which can reach up to 50 percent.
It agrees to pay the total amount owed to the public estate and to Social Security in 150 installments, while to privileged creditors, that is, those who have mortgages or other guarantees and endorsements – the case of the bank where Novo Banco appears as one of the main creditors. – states that they will pay in 49 monthly installments.
Britalar, then with seven million capital – 86 percent of the shares, at that time, in the hands of Salvador and the rest of the woman – is a public limited company founded in 1994.
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