Lawyers from Grupo Americanas requested the Justice of Rio de Janeiro this Thursday (19), that the banks BV, Bradesco, Itaú and Safra return the funds blocked from the company’s account within six hours. Added together, the obstructed amounts come close to R$ 822 million (R$ 821,9,931,967.94).
According to the document, “Banco Votorantim promoted undue compensation in the amount of BRL 206,995,074.40 [R$ 206 milhões]which has not yet been refunded.
Americanas also indicates that Banco Safra redeemed investments held in the institution in the total amount of R$ 95 million (R$ 95,078,544.76).
It also appears that Banco Bradesco blocked R$474 million (R$474,160,121.11), and Banco Itaú blocked R$45 million (R$45,698,227.67).
According to the document, these bank obstructions left Americanas with around R$ 250 million in cash to honor with the payments of obligations.
“The cash position available to the Americanas Group for its activities had already reached the worrying level of BRL 800 million [no dia anterior]”, points out the document.
In the appeal, the lawyers point out that the company is a conglomerate of more than 3,600 commercial establishments spread across the country and 146,000 shareholders, and that they are responsible for generating more than 100,000 direct and indirect jobs, in addition to the annual collection of about R$ 2 billion in taxes.
Judicial recovery
The Justice of Rio de Janeiro accepted the request for judicial recovery made by Americanas this Thursday (19). Judge Paulo Assed Estefan assessed that the retailer meets all the requirements for the judicial recovery process.
In practical terms, this means that the company’s doors remain open and it continues with its business, including negotiating with suppliers and financial institutions.
The judge then decides that, with the granting and full confirmation of the injunction granted on a precautionary basis, so that all existing actions and executions against the applicants are suspended, the non-proceeding of any and all clauses that impose early maturity of the group’s debts be confirmed , “including as a measure of isonomy for the collective of creditors”, determines.
The company’s debts add up to R$ 43 billion and involve financial, labor and supplier creditors.
Judicial recovery is a truce that the company asks the Court not to pay its debts while trying to recover. The only creditor left out was the BTG bank, because it obtained an injunction in court.
The crisis began when the company found an “accounting inconsistency” of BRL 20 billion, discovered by executive Sérgio Rial, who had been appointed as the company’s new CEO.
THE CNN contacted the banks mentioned by Americanas’ lawyers. Banco Votorantim and Banco Itaú responded that they will not comment on the matter.
Banco Safra and Banco Bradesco have not yet returned with a position.
Source: CNN Brasil
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