Vasco da Gama SAF: Prosecutor supports Almirante Participações proposal

The Public Prosecutor's Office of the State of Rio de Janeiro has issued a favorable opinion regarding the new Debtor-in-Possession (DIP) financing and the proposal for the new Football Corporation (SAF) of Vasco da Gama. This development occurs within the club's judicial recovery process.

Almirante Participações e Empreendimentos S.A., led by Marcos Lamacchia, has amended its binding proposal to include several safeguards. These include the provision of a bank guarantee or insurance to cover liabilities subject to judicial recovery, totaling approximately R$ 324 million. This amount covers the judicial recovery debt and a potential R$ 150 million DIP loan.

The updated proposal also establishes a binding financial flow to ensure the full payment of credits subject to judicial recovery and extra-concursal obligations, such as tax debts. Additionally, the plan includes a mechanism for an earnest money deposit, a waiver of early maturity for certain loans if a third party wins the competition for UPI Equity, and the anticipation of financial aid through the judicial deposit of liquid credits.