Benfica: proposel to get out of technical insolvency
Benfica SAD should get out of technical insolvency, and shall have positive equity of 28 million, if the management proposal is approved in the General Assembly of the club, scheduled for the next day 15.
Under the restructuring of Sport Lisboa e Benfica propose, the 28 million would represent 25 percent of the share capital of SAD, passing from 75 million to 115 million.
The proposal provides that Benfica holds, directly and indirectly, 68 percent of SAD - 40 percent of the club, plus 28 percent of Benfica SGPS.
Despite going to have positive equity, the SAD will continue under the Article 35. of the Comercial Companies Code for failing to hold own capital greater than half of the capital.
"Red" Directorate suggests four steps in the restructuring, which will allow a reduction of more than 84 million euros in liabilities of the club, which is currently around 162 million.
Instead, the liability of SAD will increase about 68 million, amounting to 275 million, while liabilities of Benfica Stadium is expected to decrease 16 million.
The Directorate is also seeking authorization for the realization of a fifth step, dependent on Project Finance, which provides for the merger of Benfica Stadium and Benfica SAD.
Under the restructuring of Sport Lisboa e Benfica propose, the 28 million would represent 25 percent of the share capital of SAD, passing from 75 million to 115 million.
The proposal provides that Benfica holds, directly and indirectly, 68 percent of SAD - 40 percent of the club, plus 28 percent of Benfica SGPS.
Despite going to have positive equity, the SAD will continue under the Article 35. of the Comercial Companies Code for failing to hold own capital greater than half of the capital.
"Red" Directorate suggests four steps in the restructuring, which will allow a reduction of more than 84 million euros in liabilities of the club, which is currently around 162 million.
Instead, the liability of SAD will increase about 68 million, amounting to 275 million, while liabilities of Benfica Stadium is expected to decrease 16 million.
The Directorate is also seeking authorization for the realization of a fifth step, dependent on Project Finance, which provides for the merger of Benfica Stadium and Benfica SAD.
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