Financial creditors - Run 5, Round 1

The filing has changed leverage, not solved economics. The 39.6% signatories obtained a 90-day stay, diligence, a business-plan deadline, shareholder participation and termination rights. Non-signatories lost the ability to stop the filing merely by remaining below one-third; they still control whether the updated plan reaches a binding majority.

Opening demand: a final proposal must specify (1) the relief-period cash interest and PIK, (2) maturity extension and creditor compensation, (3) a credible capital / liquidity solution, (4) treatment of the Petrobras secured facility and cash waterfall, (5) Idesa funding restrictions, (6) reporting, governance and remedies, and (7) the conditions and valuation for any equitization.

BATNA: withhold approval and force the company toward RJ or another broader process. This is costly and should not be romanticized, but it is credible while no final shareholder commitment exists.

Concession: accept the 90-day process and operational trade protection if the 31 August proposal is detailed and the 9 September meeting includes principals who can negotiate. A generic reference to potential shareholder support, subject to future approvals, is not yet loss absorption.