Ex-players, Olimpia challenge Vasco recovery plan, cite unfair clauses | OneFootball

The judicial recovery plan of Vasco has once again become the target of criticism and disputes. This time, a group of ten former players of the club and Olimpia from Paraguay have filed formal objections to the document submitted to the 4th Business Court of the Capital District of Rio de Janeiro. The objections were recorded on October 1st and question the legality, economic feasibility, and treatment of creditors.

Represented by the law firm Laporta Costa Advocacia, the former athletes Abedi, Anderson Salles, Diogo Silva, Éder Luís, Fellipe Bastos, Jumar, Muriqui, Paulão, Thiago Maciel, and Ygor Maciel claim that the plan provides an “abusive discount” of 92% to labor creditors who did not adhere to the conditions established in mediation. For the group, the measure is incompatible with the Judicial Recovery Law (11.101/05), which provides for the full payment of labor credits.

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Vasco flag at São Januário — Photo: Matheus Lima/Vasco

In a document, the former players requested the judge to conduct a preliminary analysis of legality before holding the General Assembly of Creditors. According to them, the proposal “contradicts general principles of law” by providing for the settlement of only 8% of the owed amount, which would constitute illegality and nullity of clause 4.2 of the plan.

Olimpia also positioned itself against the plan. The Paraguayan club highlighted that the proposal treats creditors of the same class unequally, benefiting only those who participated in the mediations conducted by the Getulio Vargas Foundation (FGV). For the Paraguayan leaders, the measure “violates the principle of equality” and is compared to an attempt to forgive debts, as it provides for the payment of minimal amounts and deadlines that exceed the legal limit of one year established by law.

The objections reinforce the opinion of the Public Prosecutor's Office of Rio de Janeiro, which at the end of August had already pointed out “serious illegalities” in the plan, especially in the way labor debts are handled. At the time, the Public Prosecutor indicated that even if approved by creditors, there would be no possibility of judicial approval without correcting the points considered illegal.

In a preliminary statement, the Public Prosecutor classified clauses of the plan as abusive and discriminatory, recommending the immediate revision of the document before the General Assembly that will decide the future of the recovery process.

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Photo: Rafael Ribeiro/Vasco

When contacted, Vasco stated that it has not yet been formally notified about the new objections. The club, however, continues to work to make the plan feasible, which will be submitted to the scrutiny of creditors in the coming months.

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This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here.