Home » Now » Bankruptcy: check out everything about company failure » Shell Terror: Popular gas station chain in Brazil emerges from bankruptcy and leaves customers celebrating
Gas station competing with Shell had its bankruptcy reversed (Photo: Disclosure)
To the horror of Shell, a gas station giant reverses bankruptcy
Brazil has a large fleet of vehicles, which means it has a huge network of gas stations. Among these companies, we have Shell, which is one of the main ones in the market.
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However, our focus today is to comment on a giant rival to Shell that reversed its bankruptcy process and can continue operating normally. But the most curious thing about this story was the time it was considered bankrupt.
To tell this case we need to go back to the middle of last year. Exactly on June 13th, Portal RioPardo reported that the court had declared the bankruptcy of Rede Maga. The decision agreed that all gas stations should be closed.
But, one day later, on June 14, 2023, Shell’s rival had its bankruptcy reversed. This implies that his bankruptcy did not even last 24 hours.
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On the occasion, the website Gazeta do Rio Pardo reported that the Court of Justice of the State of São Paulo accepted the request from Rede Maga’s defense and suspended the decision of the judge of São José do Rio Pardo, Dr. Marcelo Luís Leano, issued on the day 13. Thus, the group was released to operate.
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It is important to highlight that in 2018 the company had a debt of around R$13 million and it was not fulfilled, the court ordered bankruptcy. With the possibility of continuing to operate, Shell’s rival will be able to return to its commitment to settle its debt with creditors and continue operating normally.
Rede Maga is traditional and is part of the lives of many Brazilians, and also offers many job opportunities. Since last year it has continued to operate normally and be useful to consumers.
WHAT IS THE LARGEST POST NETWORK IN THE COUNTRY?
SIM Rede de Postos is the largest network of gas stations and convenience stores in Brazil according to the SIM Rede website. It is present in the states of Rio Grande do Sul, Santa Cataria, Paraná and São Paulo.
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