Tendências STJ - RECUPERAÇÃO JUDICIAL - TRAVA - VÁRIAS RJ's numa SÓ - ACC

Planos de recuperação voltam à pauta do STJ

Autor(es): Por Bárbara Pombo | De Brasília

Valor Econômico - 30/07/2013

Depois de um primeiro semestre com decisões desfavoráveis às empresas em recuperação judicial, o Superior Tribunal de Justiça (STJ) terá que definir duas questões que preocupam advogados especializados em direito falimentar. A primeira a ser respondida é se o Judiciário pode anular planos de pagamento de credores que dispensam, por exemplo, juros e correção monetária. A outra discussão é sobre a possibilidade de empresas de um mesmo grupo - mas com volume de dívidas e credores diferentes - apresentarem um único plano de recuperação.

"A depender da orientação do STJ, teremos que mudar nossa estratégia para não haver risco de anulação dos planos", diz o advogado Paulo Penalva, do escritório Rosman, Penalva, Souza Leão, Franco Advogados Associados, responsável pela recuperação judicial da Varig, a primeira sob a nova Lei de Falências (Lei nº 11.101, de 2005), em vigor há oito anos.

Grandes disputas com credores sobre a aplicação da lei foram resolvidas pelo STJ no primeiro semestre, em um contexto econômico sensível. Nesse período, de acordo com a Serasa Experian, 460 empresas pediram recuperação judicial. Em 2009, no auge da crise financeira, foram 670.

Em junho, segundo a Boa Vista Serviços, administradora do SCPC, o número de pedidos cresceu quase 60% em relação ao mesmo mês do ano passado, especialmente por causa de pequenos prestadores de serviços. "É o efeito do aumento da inadimplência e da redução da atividade econômica, que afeta consumidores e depois as empresas. Elas, porém, tiveram maior acesso a crédito", afirma o economista Flávio Calife, da Boa Vista Serviços.

As empresas em recuperação foram derrotadas em duas importantes discussões no primeiro semestre. As duas turmas de direito privado do STJ (3ª e 4ª) mantiveram a chamada "trava bancária". Ou seja, excluíram da recuperação os créditos garantidos por cessão fiduciária (recebíveis). Na prática, as instituições financeiras poderão recuperar os valores emprestados sem se submeterem às assembleias gerais de credores. A 3ª Turma também decidiu no mesmo sentido sobre os Adiantamentos sobre Contratos de Câmbio (ACCs), utilizado por exportadores.

As decisões do STJ, porém, ainda não têm sido aplicadas por tribunais fora do eixo Rio-São Paulo, de acordo com diretores jurídicos de bancos. Com isso, instituições financeiras têm sido obrigadas a recorrer ao STJ. Em nota, a Caixa Econômica Federal (CEF) afirma que "as orientações garantirão celeridade e eficiência aos processos de recuperação do crédito".

Advogados classificam as decisões como "veneno" para as empresas, mas afirmam que a solução é alterar a Lei de Falências. "As recuperações serão transformadas em falências", diz o advogado Julio Mandel, da Mandel Advocacia, acrescentando que alguns clientes têm todo o faturamento comprometido com cessões fiduciárias.

Segundo o advogado Fernando De Luizi, da Advocacia De Luizi, indústrias nessa situação têm deixado de produzir. O objetivo é evitar que o faturamento comprometido com o banco aumente o passivo com fornecedores e empregados. "Essa é uma opção do empresário quando sabe que, na prática, não receberá pelo que fabrica. Mas usamos sempre como exemplo para demonstrar ao juiz como essa situação inviabiliza a recuperação", afirma.

Mas o período não foi só de notícias ruins para as empresas. Em uma decisão unânime, a Corte Especial do STJ as dispensou em junho de apresentar a Certidão Negativa de Débito (CND) para ter os planos de recuperação aprovados.

Agora, o STJ terá que decidir se o Judiciário pode anular planos por causa de questões econômicas, como deságio em pagamentos e dispensa de juros e correção monetária. A polêmica foi levantada em fevereiro de 2012 quando o Tribunal de Justiça de São Paulo (TJ-SP) anulou o plano da Cerâmica Gyotoku, aprovada por assembleia de credores, que previa o perdão das dívidas depois do 18º ano de recuperação.

Apesar de proibir ingerências nos planos, a 3ª Turma do STJ liberou, em maio de 2012, o Judiciário a anular planos ou cláusulas contrários à lei. "O STJ não definiu ingerência nem ilegalidade nesses casos", diz Mandel.

Uma decisão monocrática também acendeu o sinal de alerta entre os advogados. Em março, o ministro Marco Buzzi impediu as três usinas do Grupo Naoum de apresentarem um único plano de recuperação. O caso será agora analisado pela 4ª Turma. "Não é correto submeter determinado credor às condições de pagamento propostas por empresa com a qual não teve qualquer relação", afirma Buzzi.

Segundo Paulo Penalva, a decisão é correta porque um plano em conjunto poderia prejudicar os credores. "Hoje, porém, são comuns os planos em conjunto. Se o entendimento prevalecer nas turmas do STJ, representará uma mudança radical no processo de recuperação", diz.

Detroit goes bankrupt

Municipal bankruptcy

Detroit goes bankrupt, largest municipal filing in U.S. history

Detroit filed the largest municipal bankruptcy in the nation's history Thursday, marking a new low in a long decline that has left the U.S. automaking capital bleeding residents and revenue while rendering city services a mess.

The city, which was the nation's fourth-largest in the 1950s, with nearly 2 million inhabitants, has seen its population plummet to 700,000 as residents fled rising crime and deteriorating basic services, taking their tax dollars with them.

In March, as Detroit faced an estimated debt of $19 billion, Michigan appointed an emergency manager vested with extraordinary powers to rewrite contracts and liquidate some of the city's most valuable assets. That led to once-unthinkable proposals such as forcing public employees to cut their retirement benefits or demanding that investors in municipal bonds — long considered among the safest investments — take pennies on the dollars they lent to Detroit. In recent days, both of those groups objected, propelling the city to file for bankruptcy.

In a sign of Detroit's dire fiscal situation, few officials and lawmakers in Michigan or Washington vigorously protested the decision — a far cry from the 1970s, when President Gerald R. Ford intervened with federal loans to prevent New York City from falling into bankruptcy. That there is far less stigma now could encourage other distressed cities and towns to follow Detroit's lead, some analysts worry.

Detroit's deterioration, which started in earnest after the 1967 race riots were among the most violent in the country's history, has accelerated in recent years.

In the 1950s, Detroit, known worldwide as the Motor City, had one of the highest per capita incomes in the country when auto plants were hiring wholesale. Now it has the highest rate of violent crime among the nation's big cities. Average police response time is almost an hour. Nearly 80,000 buildings are abandoned or seriously blighted, and 40 percent of the city's streetlights do not work. The jobless rate is above 18 percent, more than twice the national rate.

The abysmal services encouraged more people to flee. The city lost more than a quarter-million residents from 2000 to 2012. Tax revenue and state aid have plummeted as the auto industry hit hard times, crimping Michigan's finances. Its best-known cultural export, Motown Records, left long ago.

To plug its deficits, the city borrowed huge sums over the years. And the state-appointed emergency manager, Kevyn Orr, a former D.C. bankruptcy lawyer, was unable to forge a deal with creditors.

In a letter authorizing the bankruptcy filing, Gov. Rick Snyder (R) said the consequences of laboring under extreme debt would be even worse than bankruptcy.

"I know many will see this as a low point in the city's history," he wrote. "If so, I think it will also be the foundation of the city's future — a statement I cannot make in confidence absent giving the city a chance for a fresh start, without burdens of debt it cannot hope to fully pay."

That view is widely shared, as few political leaders pushed for a bailout of the city. After news of the bankruptcy filing, the White House issued a statement saying that President Obama is following the situation and that he remains "committed to continuing our strong partnership" with Detroit.

But others warned that bankruptcy would bring pain to the city's 9,500 employees and nearly 20,000 retirees, while plunging its financial future into uncertainty.

"A bankruptcy might be good in terms of wiping out the debt," said Coleman A. Young II, a state senator and son of a former mayor of Detroit who served for 19 years. "But in terms of the human impact, retirees who could have their pensions gutted, citizens who will lose services . . . it is going to be painful."

The filing begins a one- to three-month process to determine whether the city is eligible for Chapter 9 protection and who may compete for the limited settlement money that Detroit has to offer. But it could be years before the city emerges from bankruptcy.

Orr has talked about spinning off city assets, including the Coleman A. Young International Airport and the beloved Belle Isle park, to raise money. Some have mentioned the city auctioning off some of the valuable works at the Detroit Institute of Arts. But Orr has reportedly said he will not sell the art, much of which is protected by private covenants, city agreements and state laws.

It is unclear whether those barriers will stand in a municipal bankruptcy, in which a federal judge has no power to force asset sales but can refuse to approve a debt-settlement plan.

This week, the city's two pension funds filed suit seeking to block a bankruptcy, an action that Orr's office said indicated that negotiations outside bankruptcy court were fruitless.

The city's bankruptcy petition far surpasses the $4.2 billion filing by Jefferson County, Ala., in 2011, which previously was the largest in the nation. That county, which includes Birmingham, is on track to emerge from court protection by the end of the year, with many bondholders forgoing interest payments and others unable to recover even the amount of money they lent the county.

Jefferson County's bankruptcy plan cut $1.2 billion in principal payments to investors who held bonds in a defaulted sewer project, according to Bloomberg News.

Many observers consider that outcome a hopeful sign for Detroit, which they say must shed its debt to have an opportunity to recapture any part of its past glory.

"If Detroit comes out of this a decent credit risk, other municipalities are going to absolutely want to follow their lead," said Ken Noble, a New York bankruptcy lawyer. "This is absolutely a watershed event for municipal finance. And, really, it is the only shot that Detroit really has."

Daniel C. Miller, the city controller in fiscally pressed Harrisburg, Pa., said Detroit's move could be a model for other distressed cities.

"I like what is happening in Detroit very much," he said, noting that Harrisburg is not in bankruptcy but is struggling in state receivership. "People say that if a city files for bankruptcy it cannot borrow again. That is all just ridiculous talk. Guess what: In Harrisburg, we can't get access to capital markets right now."

Orr has said he wants to use bankruptcy to erase many of Detroit's debts and then invest $1.25 billion in upgrading city services and infrastructure in hopes of putting the city on a path to recovery.

A former mayor suggested that the city could take a cue from two of its automakers, which were bailed out by the Obama administration and brought through bankruptcy and are now thriving — a fact that Obama frequently boasted of during his reelection campaign.

This time, there are few signs of help from Washington. But former mayor Dennis W. Archer said Detroit could still see the same kind of recovery.

"Once the city gets through this, it will be well on its way to substantial revitalization," he said. "The stigma of bankruptcy has not prevented corporations from going on to be successful. Witness Chrysler and General Motors. The same could be said of the city of Detroit. If this works, other distressed cities will be knocking on our door and asking, 'How did you do that?' "

(Published by The Washington Post - July 18, 2013)