Americanas asked and the 4th Business Court of Rio de Janeiro, responsible for the company’s judicial recovery, authorized the use of R$ 200 million to pay employees and small creditors.
The formula is similar to the one used in Oi’s recovery, when specific classes of creditors were also chosen to make payments in order to reduce the scope of the judicial recovery.
In this way, an assembly of creditors, for example, would eliminate hundreds of individuals and legal entities and would concentrate negotiations on large debts with large companies, such as banks, for example.
The funds for the payment were raised through DIP financing authorized last week by the Court. This is a type of loan granted by firms specializing in companies undergoing judicial recovery.
With authorization from the Court, this money is used for the company to continue operating and has preference in receiving over other creditors when the company returns to pay its debts.
Americanas managed to raise approximately R$ 2 billion with the loan, structured in the form of the issuance of debentures, with the availability of 2,000 debentures with a nominal unit value of R$ 1 million each.
Source: CNN Brasil
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
