Leaving thousands of people in shock, Globo newspaper confirmed the bankruptcy of a famous transport company
This Wednesday (08), news shook thousands of Brazilians who were fans of this company in Brazil. Jornal da Globo confirmed the bankruptcy of a transport company that has been part of the lives of many.
200 million in debt: Food company has just reversed bankruptcy and rises from the ashes TODAY (08)
BANKRUPTCY
News that caught many people by surprise: the company Grow, known for providing bicycles and electric scooters for rent, had its bankruptcy declared by the São Paulo Court, according to G1, Globo’s online newspaper.
The decision was announced last Monday (6) by judge João de Oliveira Rodrigues Filho, from the 1st Bankruptcy and Judicial Recovery Court.
Also according to G1, the company claimed that due to circumstances beyond its control, failed to comply with the judicial recovery plan and sees no prospect of returning to their activities.
47 billion and on the verge of bankruptcy: Company that people love sinks into crisis and breathes on life support in the country
200 million in debt: Food company has just reversed bankruptcy and rises from the ashes TODAY (08)
Bankruptcy, mass layoffs and pile of debts: The scandalous end of the country’s GIANT home appliance factory
With this decision, creditors will have their rights and guarantees reestablished under the conditions originally contracted, with a discount on the amounts already paid and considering the actions taken during the judicial recovery process.
In order to pay off the company’s debts, the judicial administrator will have a maximum period of 180 days to evaluate and sell the assets of the bankrupt estate, presenting a detailed plan to convert these assets into cash.
Bankruptcy, mass layoffs and pile of debts: The scandalous end of the country’s GIANT home appliance factory
COMPANY
Grow emerged from the merger of the companies Grin and Yellow, which gained fame with their shared electric bicycles and scooters, which became a rage on major avenues between 2018 and 2019.
It pioneered the “dockless” bike sharing system, eliminating the need for specific parking stations.
However, the company faced challenges from the beginning, with bicycle theft and vandalism. In 2020, it decided to close shared bike operations in Brazil and keep electric scooters only in São Paulo, Rio de Janeiro and Curitiba.
Later, the company was purchased by the investment fund Mountain Nazca, with the promise of becoming profitable and efficient in its operations.
However, the Covid-19 pandemic further complicated the situation, as restrictions harmed demand for the company’s services, which led to a request for judicial recovery in July of the same year.
Abandoned market and unit taken over by rival: The merciless bankruptcy of a retail giant in Brazil
How does Yellow work?
According to information published by Promobit in 2018, Yellow was a super affordable company, and its users paid R$1 for every 15 minutes of use.
YOUTUBE VIDEO: Bocardi OUT of Globo + Sertanejo beats up his mother + Zezé ESCORRAÇA the son and singer gets involved
Who do you want to stay in A Fazenda 15?
