The problematic concession of Viracopos airport in São Paulo is reaching a breaking point as operator ABV prepares to hold a creditor meeting on Tuesday. It appears increasingly likely creditors will vote down its plan to sell the concession to another investor, and push the company into liquidation, say people familiar with the matter. Triunfo Participações and UTC control ABV, and both are embroiled in Operation Car Wash and financially strained as well. ABV filed for bankruptcy protection in May 2018 and since then has been trying to find a solution for billions of reais in regulatory fines and R$2 billion in debts to the Brazilian Development Bank (BNDES). However, negotiations for a potential rate cut or grace period on the debts stopped evolving, and the most likely scenario is liquidation followed by re-auctioning the asset, and it remains unclear whether ABV will get reimbursed for what it has invested so far.
Source: Valor Econômico