We are advising Pernord Ricard in a complex petition of recognition of credits against Savar
Agentes de Aduana S.A. Pernord requested the aforementioned recognition of credits before Indecopi regarding SAVAR, since the latter owes it obligations, generated from the configuration of an “undue payment”. Thus, not only we formulated the strategy regarding the enforcement of the bankruptcy regulation but also, we formulated a legal basis related to the figure of “undue payment” that is contained in the Peruvian Civil Code. In this sense, we exposed that Savar (as Trustor), another company (as Trustee) and others entered into a Trust Agreement whereby Savar assigned all of its collection rights and cash flows. Such assignment included those collection rights arising from the Logistic Services Agreement (between Savar and Pernord). The Trust was created to guarantee and serve as a means of payment of the credit obligations assumed as a result of a financing operation between Savar and a Fund Company (the Trustee). Therefore, we are waiting for the determination of the Bankruptcy Auhtority regarding this petition.
