X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GRAND COUNTY, CO-Marise Cipriani, the owner of the 5,500-acre Sol Vista Ski and Golf Ranch 78 miles northwest of Denver, long has touted being the daughter of the late founder of the TransBrasil Airlines, one of the largest carriers in Brazil. And her husband, Celso, serves as president of the carrier.

Celso commutes between Brazil and their home in Boulder.

Now, however, she is distancing herself from the airline, other than to note she’s a shareholder.

The reason?

General Electric Capital Corp. is trying to force TransBrasil into bankruptcy. GE Capital filed court papers in Brazil to force it into bankruptcy over a dispute regarding payments involving five leased airplanes.

But Cipriani, who is in the midst of a $100-million expansion of Sol Vista, says Sol Vista is totally independent from TransBrasil and stands on its own. Sales are strong there and the final nine holes of an 18-hole golf course are under construction. She worries, however, that problems between GE Capital and TransBrasil could tarnish the resort she’s worked so hard to build.

GE Capital’s decision took the company by surprise.

”TransBrasil feels the action is not legal and incorrect,” Cipriani wrote in a letter to her employees, which she is sharing with GlobeSt.com. ”Besides the action from GE being incorrect, Brazilian law has special provisions surrounding airlines which prohibits this type of action against an airline.”

GE Capital didn’t immediately respond to an inquiry.

In any case, Cipriani says that TransBrasil only accounts for 5% to 10% of her family’s net worth.

”TransBrasil represents a minor portion of my personal assets,” Cipriani wrote to employees. ”Some of my larger holdings involve a meat packing company, Sadia, and a precious gem mining operation, in Belo Horizonte in Brazil. Sadia and the mine have been prospering well during this downturn in the economy. My extensive investment in the resort has NEVER been funded with returns resulting from my investment in TransBrasil.”

She notes that Sadia is one of the world’s largest meat packing companies, with anticipated revenues of more than $400 million. It started trading on the New York Stock Exchange recently as an ADR.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.