In an interview with Valor Econômico, Leonardo Ribeiro Dias, head of our litigation, arbitration and insolvency practice, commented on the online travel and points trading agency 123 Milhas and its request for judicial reorganization.
123 Milhas has suspended the exchange of vouchers that were offered to customers as reimbursement for the suspension of packages and has filed for judicial reorganization, with the value of the debt estimated at around R$2 billion.
According to Leonardo Dias, the agency’s main assets are receivables, i.e. financial assets that make up the company’s cash but have not yet been received. As a result, the agency will need a plan that can accommodate all the liabilities, and an injection of capital to finance the company during the judicial reorganization.
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