PDG Realty venture has bankruptcy decreed due to condominium fee debt

PDG Realty, which emerged from a long judicial recovery process in October, is still far from experiencing peaceful days. One of his ventures was declared bankrupt due to the non-payment of the condominium fee. The total debt is around R$ 4 million.

The value is small for a large company, but the default shows PDG's fragility. The company ended the last year with just R$98 million in cash.

Judge João de Oliveira Rodrigues Filho, from the 1st Court of Bankruptcy and Judicial Reorganizations of São Paulo, decreed, on Monday, 4th, the bankruptcy of the Special Purpose Company (SPE) CHL Xcvi Incorporações Ltda, belonging to PDG. The Broadcast had access to the document.

The SPE was created to accommodate the Enterprise City Center project, a complex with residential buildings, commercial offices, a hotel and a shopping centre in the city of Itaboraí (RJ). The project was launched a decade ago, when it put up for sale a total of 987 units, with an estimated turnover of R$ 300 million.