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Queiroz Galvão's real estate arm to file for bankruptcy protection

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Queiroz Galvão Desenvolvimento Imobiliário (QGDI) - the real estate arm of the construction group - is expected to file for bankruptcy protection this Wednesday, Valor found out. Sources say that the move affects only the commercial and residential projects and does not include the other companies of the group, such as the construction company.

QGDI faces a short-term debt of R$1.2 billion, most of it concentrated in banks and in agreements of rescission - people who bought properties, gave up the deal and are currently discussing the devolution values. This was this situation that led the company, as well as others in the segment, to face difficulties in recent years. It also generated changes in legislation in 2019, which established clearer rules for the termination of contracts. In 2014, QGDI's contract rescission agreements were around 20%, but the number of money devolutions topped 90% in 2016 - just when the company launched more projects and had a general sales value of around R$1.5 billion a year.

This situation originated most of the imbalance, circumvented to some extent with its own capital, but which will now lead the company to file for bankruptcy protection. The pandemic would not have been, according to sources, a determining factor for this process. QGDI declined to comment.

The fact that the company does not have any building under construction today should weigh in QGDI's favor. Since all the apartments and rooms have been delivered to the buyers, there will not be the discussion - common to judicial recoveries in the segment - about the so-called "patrimônio de afetação" scheme, which separates the balance sheets of the construction company and its ongoing...

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