Brazil’s Light gets injunctive relief, begins mediation with creditors

By Sarah Lizee

Olympia, Wash., April 14 – Light SA and subsidiaries Light Servicos de Eletricidade SA (Light Sesa) and Light Energia SA were granted a 30-day precautionary injunction by a Rio de Janeiro court, according to a notice filed Wednesday.

The companies filed for the injunctive relief on Tuesday.

The preliminary injunction, which may be extended by another 30 days, suspends enforceability of all obligations related to financial instruments and the effects of any declarations of early maturity or accelerated amortization.

Light said in a separate notice that it has started collective mediation proceedings, allowing the companies to engage in negotiations with their financial creditors.

The company said that as of Wednesday it had not made a decision regarding the “potential filing of other measures” aimed at improving its capital structure.

Light is the third-largest distributor of electricity in Brazil.

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