2023-04-19 11:00:49
Rio de Janeiro’s electricity company, Light, is going through a moment of uncertainty over the renewal of a key concession in the state of Rio de Janeiro. It is an integrated holding that operates in the sectors of distribution, generation, commercialization and energy solutions.
The distribution segment is the most relevant, as it represents 67% of Adjusted EBITDA in 3Q22. Its only distribution concession, which is operated by Light Serviços de Eletricidade (Light SESA) will expire in 2026.
At the same time, cash dwindles and rating agencies cut your credit rating. Now, creditors and shareholders await a decision on the early renewal to continue lending and investing resources in the company.
So much so that recently, Light had an injunction for the temporary suspension of payment of financial obligations of an average of R$ 11 billion. Afterwards, Fitch cut Light’s rating from CC to C, saying it will downgrade the credit to RD, which means restricted default, if the company formally announces a restructuring plan.
Financial obligations that are suspended include those related to the company’s 15th issue of debentures. Therefore, the payment of the remuneration of the debentures of the first series of the issue, which was scheduled for last Monday (17), will not be carried out.
The holders of the local debt of the electricity company are in negotiations to hire Bee Capital Servicos Financeiros Ltda to advise them, precisely on the possible restructuring.
Due to the whole situation, a group of debenture holders that gather around BRL 5 billion in Light shares are thinking regarding organizing a meeting to approve BeeCap as a financial advisor. This company was founded by the former financial director of Energisa Cláudio Brandão and so far, there has been no pronouncement.
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