Vasco approve judicial recovery plan, move closer to financial overhaul | OneFootball

On Thursday, Vasco da Gama reached an important milestone in its administrative and financial journey. At the General Assembly of Creditors, held in Barra da Tijuca, Rio de Janeiro (RJ), the club's bankruptcy recovery plan was approved on first call, receiving the approval of 97.7% of the creditors present.

The meeting, which lasted more than six hours, had about 100 participants, including representatives of former players, suppliers, and creditor agents.

What changes?

The approval allows the club and Vasco SAF to reorganize their debts with greater legal security, ensuring extended deadlines, discounts, and installments for payments. With this, the club is protected from immediate legal executions, but remains subject to auctions or bankruptcy if it does not fulfill the commitments defined in the plan.

Vasco presented last-minute adjustments in the proposal, including changes in the category of "non-collaborating" labor creditors and the inclusion of the "Meritorious partners" subclass, intended for former athletes or collaborators who provided services recognized by the club.

When did it start?

The bankruptcy recovery process of Vasco started in October 2024, when the Court granted an antecedent injunction, suspending executions while the club negotiated with creditors. Since then, the plan has undergone mediations with the participation of the Getúlio Vargas Foundation (FGV) and adjustments requested by the Public Ministry, which pointed out possible illegalities and abusive clauses in some debts.

See Vasco's note in full:

“Vasco da Gama reports that the Bankruptcy Recovery Plan was approved, on first call, at the General Assembly of Creditors held this Thursday (9/10).

The plan received approval from 97.7% of the creditors present.

The historic decision – even in Brazilian football – represents a fundamental milestone in the financial restructuring process of Club de Regatas Vasco da Gama and Vasco SAF, reinforcing the trust and credibility gained throughout the negotiations started in October 2024 when the Court granted the antecedent injunction.

The approval of the plan ensures legal security for the fulfillment of the commitments assumed and enables the continuity of activities with stability, responsibility, and transparency.

Vasco da Gama thanks the trust of the creditors and acknowledges the joint effort of all professionals involved in this process. This is another important step in building a solid and sustainable future for the club.

We remain firm in this journey, certain that, with unity and work, we are stronger.

Club de Regatas Vasco da Gama

Vasco SAF”

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