Corinthians’ RCE plan approved, payments to start in March under strict oversight | OneFootball

Corinthians has secured court approval for its Centralised Execution Regime plan, aimed at easing its debts. The second Court of Bankruptcies and Judicial Recoveries set payments to begin in March after prosecutors agreed to the club’s latest proposal.

According to Meu Timao, monthly distributions will be set by Laspro, the court-appointed administrator, which must file a rateio plan in the coming weeks. Contributions will track revenue, with deposits of four percent in year one, five percent in year two, then six percent from year three until the 10-year term ends.

Creditors sought to lift the rate to 20%, arguing the law requires that share of income for debts. The court backed Corinthians’ view that the 20% also covers obligations outside the RCE, including CNRD, taxes and Caixa Econômica Federal.

The plan lists R$ 450 million in claims, up from R$ 367 million when first submitted, with about R$ 190 million already under judicial execution. The club pre-emptively included liabilities liable to execution and expects to pay them within the RCE.

Laspro will also monitor a target to clear 60% of debts within the first six years, a condition for maintaining the regime that could be rescinded if missed. Early settlement may be proposed if new capital arrives or the club becomes a SAF, subject to court approval after hearing creditors.

Source: Meu Timao