The Rio de Janeiro court has officially closed the judicial reorganization (Chapter 11 equivalent) of Light, recognizing the fulfillment of the obligations established in the energy company’s restructuring plan.
After a period of rigorous oversight, Light has formally concluded its financial restructuring process. The court’s decision certifies that the power distributor honored the commitments scheduled between June 2024 and June 2025. A favorable opinion from the Public Prosecutor’s Office of Rio de Janeiro was instrumental in the case’s successful outcome.
In a statement to the market, Light highlighted that this closure marks a new chapter for its operations, which serve 31 municipalities in the state of Rio de Janeiro. The company reiterated its commitment to maintaining full transparency with shareholders and the financial market as it finalizes the remaining stages of its administrative reorganization.
Key pillars of the restructuring
To reach this milestone, Light implemented a robust financial recovery plan. Notable actions included the full, upfront payment of debts to more than 27,000 small creditors, the renegotiation of international bonds, and the issuance of new credit instruments. The strategy also included a significant capital injection tied to the renewal of the Light Serviços de Eletricidade concession.
The company declared it has fulfilled all obligations set forth in the Judicial Reorganization Plan verified during the oversight period.
Impact and next steps
Although the judicial reorganization process has ended, the company continues to monitor long-term obligations. Specific items, such as the conversion of debentures into shares and the transfer of capital increase funds, remain on the operator’s schedule. The judicial ruling also requires the removal of any mention of reorganization status from all official company documents.
It is important to note that the ruling includes a safeguard clause: should remaining obligations not be met, the law allows creditors to pursue individual collection measures or even file for bankruptcy. Light, which filed for financial protection in 2023 due to liabilities of approximately R$ 11 billion, is now looking to overcome its history of instability and structural challenges, such as the high volume of losses resulting from energy theft in its service area.
