Vasco launches confidential process to detail loan usage | OneFootball

Vasco da Gama has taken a fundamental step towards obtaining the definitive approval of its Judicial Recovery Plan (RJ). The club informed the Rio Court of Justice that it has opened a specific “confidential proceeding” to account for the use of the R$ 80 million DIP (Debtor-in-Possession) Financing.

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The measure meets a requirement from the Court

The creation of this confidential process fulfills a direct order from Judge Caroline Rossy, of the 4th Business Court. The magistrate had made the release of the funds conditional on detailed proof of their use, aiming for total transparency.

How will the oversight work?

In practice, Vasco commits to delivering all documentation related to the financial operation to the Judiciary. This includes reports on the inflow of funds and, most importantly, the destination of each installment. The money can only be used for essential approved expenses, such as payroll and operational costs, under the strict supervision of the Court itself.

Decisive step towards plan approval

According to the Podcast Cruzmaltino, this move is considered decisive. By demonstrating compliance with requirements and transparency, Vasco sends a positive signal to the Court. This attitude “weighs positively in the analysis for approval” of the main plan, which has already been approved by the vast majority of creditors on October 9.

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