Suspected of Leading a Cartel, UTC Company Lays Off Staff and May Sell Viracopos Airport

05/15/2015 - 09h11

Named as one of the main contractors accused of corruption at Petrobras, businessman Ricardo Pessoa saw his company, UTC, shrink before his own eyes from his prison cell.

Since November last year, when he was arrested, the group has fired 15.000 of 30.000 employees and has emptied half of the building that occupies its headquarters in São Paulo, to save on rent.

It is an attempt to do away with smaller businesses, such as its operation at the Feira de Santana Airport, in the state of Bahia, and is now negotiating with banks to sell their most showy active: a 23% share in the airport of Viracopos, in São Paulo state.

The sale of the airport is part of negotiations to extend the deadline for the repayment of US$ 401 million (R$ 1.2 billion) that UTC owes to banks–the main creditors are Bradesco, Itaú, Santander and Banco do Brasil.

Folha learned that these institutions are willing to make a deal, but want the balance to be backed up with money from participation in Viracopos.

In the assessment of one of the banks, the sale of 23% could yield US$ 116 million to US$ 133 million (R$350 million to R$400 million) in profits.

With sales of US$ 1.8 billion (R$ 5.5 billion) last year, Ricardo Pessoa's group has been weakened after the Car Wash operation.

UTC has been prohibited, along with 22 other suspected contractors, from taking part in new bids with Petrobras, and is thus struggling to get new financing.

The company is accused by prosecutors of paying bribes for deals with Petrobras.

On Wednesday, May 13th, Pessoa agreed to a whistleblower award with the Attorney General's Office to disclose details about the corruption scheme at Petrobras.

Translated by CRISTIANE COSTA LIMA

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	Jorge Araujo/Folhapress
	Since November last year, UTC group has fired 15.000 of 30.000 employees