Yesterday the Justice Assusete and Sergio had voted against Cemig´s case. Since we ended 6 votes against and 2 in favor, we lost the case at the Higher Appeal Court. We are going to appeal against this decision based that they haven´t made their decision based on our argument (the clause of the contract that says that we have 20 more years guaranteed). At the same time, we are going to try to keep our injunction that allows our to run the power plants on the same terms of the contract. We don´t know yet when they will publish their decision so we can appeal. It can take 2 days or even more than 30 days. If we lose the appealing we will go to the Federal Supreme Court ( STF). And there, we need to ask again for an injunction and it can take years. Also, they could give us an injunction that says that the revenues have to go to an escrow account. So, we need some more days to have more information.
We will keep the investor informed, but if you have any further question, please don’t hesitate to contact us. The link bellow is the post that we made yesterday about the court decision.