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Rio Grande Shipyard will be saved! Creditors approve recovery plan

Paulo Nogueira
28-06-2018 08:54:05
in Uncategorized
shipyard rio grande naval industry

After an intense meeting with Ecovix's creditors, its shipyard will now be able to resume activities

Great and bombastic for the Rio Grande Shipyard, which belongs to Ecovix in Brazil. Its creditors used their sensitivity and let the plan to recover the company, along with one of its largest Brazilian naval centers, in Rio Grande Do Sul pass. lasted about 4 hours on June 26th. The idea is that this project can serve as a precedent for other shipyards stopped in Brazil.

The total sum of Ecovix's debts at the moment is more than 7 billion reais. Until then, the shipyard facilities have been abandoned due to a lack of projects and contract projections. With this decision taken, the risk of bankruptcy of the shipyard was removed, which will allow the acquisition of new contracts for the naval industry in Rio Grande do Sul. Despite being confidential, Ecovix is already seeking with other companies to resume the following service modalities:

  • port activity,
  • Repairs to oil platforms and vessels,
  • steel processing for the metalworking industry
  • Completion of the P-71 platform, whose work was canceled by Petrobras

How the crisis at Ecovix started

Recapitulating that Petrobras ended up hiring Ecovix in 2010 to build 8 platform hulls and after 3 years, activities ended up being interrupted when Lava Jato operations started, ceasing practically all the state-owned company's activities at the time. At the end of 2016, the project that cost more than 9 billion reais was aborted, causing mass layoffs of more than 3 thousand workers.

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Paulo Nogueira
With technical training, I worked in the offshore oil and gas market for a few years. Today, my team and I are dedicated to bringing information from the Brazilian energy sector and the world, always with credible and up-to-date sources.