Americanas: Judicial recovery is the most likely alternative, evaluates XP

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In view of the recent information on the Americanas crisis, which, on Friday, the 13th, obtained a 30-day suspension of the early maturity of its debts in court, XP released reports to customers where it says it believes that the company now has two possible paths .

One of them must be the negotiation of a capital injection with the banks. XP carried out a sensitivity analysis to estimate the size of an eventual follow-on that would provide comfort for creditors.

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The amount it reached was between R$12 billion and R$21 billion, depending on the level of leverage and the Ebitda margin, data that is not clear due to the doubts that arose regarding the financial statements after the recent announcements.

The report recalls that the company’s market value is now at R$ 2.8 billion, compared to R$ 10.8 billion before the hole appeared.

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The other path should be preparing for the request for judicial recovery, an alternative that seems more likely in the broker’s assessment, given the size of the company’s debt and the potential need for capital, in addition to the number of creditors involved.

Based on past judicial recovery data, XP said it sees four main implications that are not very positive for Americanas in the face of this possibility.

The company would remain in this delicate state for a long period of time, at least three years. It would leave the Bovespa Index, because it would no longer meet requirements to belong to the main B3 index, which could negatively impact liquidity.

The “housekeeping”, that is, the rebalancing of the capital structure can be done by selling assets, renegotiating debts, converting debts into shares and increasing capital. However, the dissolution of the company is not ruled out.

Amid all this, a lot of volatility is expected. “Stocks tend to suffer during judicial recovery processes, since the measures are focused on creditors and are generally dilutive to shareholders”, write analysts Daniela Eiger, Gustavo Senday and Thiago Suedt.

XP maintains the recommendation “under review” for the company.


The fight between Americanas and its creditors should not be friendly at all after the company managed to protect itself in court against blockages and seizure of its shareholders’ assets.

THE CNN had access to the petition presented this weekend by the lawyers of BTG Pactual, one of Americanas’ biggest creditors.

The bank wants to reverse the precautionary measure given to the company and exercise its rights as a creditor of the retailer, which declared it had a R$ 20 billion deficit on its balance sheet.

In the document filed at the Rio de Janeiro Court of Justice (TJ-RJ), the investment bank’s lawyers accuse Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira of bad faith in the management of Americanas and in the relationship with the financial institution.

In the letter to the TJ-RJ judge, the lawyers still describe the action of the 3G executives, Americanas’ largest shareholders, as premeditated.

(With information from Thais Heredia, from CNN)

Source: CNN Brasil

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