By Brazil Stock Guide – Refinaria de Petróleos de Manguinhos SA (RPMG3) said it has filed an emergency request with the Rio de Janeiro state court to suspend, for 180 days, the enforcement of obligations under its judicial recovery plan, arguing that a series of state actions abruptly choked its cash flow and put the company’s survival at risk.
The request follows a demand for clarification from Brazil’s stock exchange operator B3 after a newspaper report described what the company labeled “financial asphyxiation.” According to the company, the precautionary injunction was filed on Jan. 20 and seeks temporary relief while courts reassess the supervision of its restructuring process, which had previously been considered concluded before being reopened by appellate judges.
In its explanation, Refit pointed to three main shocks: the interdiction of its refinery by Brazil’s oil regulator in September, the retention of millions of liters of fuel by the federal tax authority, and judicial asset freezes that extended to partner companies, effectively blocking liquidity. The company also cited mounting tax executions by the federal government, which it says intensified the cash squeeze.
Refit further argued that a systemic contradiction has emerged between legal fronts. While criminal proceedings under the “Poço de Lobato” investigation have restricted access to financial resources, the judicial recovery court continues to demand payments under the restructuring plan, creating what management described as an operational deadlock.
The company emphasized that its request remains pending court review and does not represent a final ruling. Refit said it remains committed to transparency and will continue to disclose all information deemed relevant to shareholders and the broader market.
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