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Light presents new proposal to creditors

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Vincent

A new debt settlement proposal from Light has been under discussion with the company’s creditors since the beginning of December, according to a source familiar with the negotiations among debenture holders. Light initially presented a court-supervised reorganization plan in July. The latest proposal, circulating among creditors for approximately 20 days, includes an option to convert 40% of the debt into shares.Under this proposal, creditors agreeing to the terms would receive the remaining 60% (the portion not converted into shares) adjusted for inflation by the Consumer Price Index (IPCA) plus an annual 4% interest, to be paid over eight years, as confirmed by the source. The source expressed concerns about the conversion method proposed by Light, which involves using the Volume Weighted Average Price (VWap) based on the last 45 days’ weighted average.According to the source, the current market value of Light’s shares is excessively high and does not accurately reflect the company’s actual financial status. "The company is not worth its current trading value of R$6, not by a long shot," the source commented. Light’s ordinary shares ended the latest B3 trading session at R$6.87, marking an increase of 6.18%.The source, who preferred to remain anonymous, noted that interest in the debt-to-shares conversion hinges on the right price. "The negotiations are far from conclusion," the source stated, adding that some creditors already...

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