Americanas must file for judicial recovery and declare a debt of R$ 40 billion

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The Justice of Rio de Janeiro accepted this Friday (13) Americanas’ request for judicial precautionary relief, a process that prevents the attachment or blocking of its assets by creditors until a possible judicial recovery process is opened by the company.

The retailer triggered a crisis in its business and saw its shares turn to dust after announcing, on Wednesday, in a statement to the market, a shortfall of R$ 20 billion not correctly computed in its balance sheets.

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According to the decision handed down by the 4th Business Court of Rio de Janeiro, the request for judicial recovery must now be opened by the company within 30 calendar days. Otherwise, the effects of the injunctive relief on your assets lose effect.

“The possibility of immediate constriction of the debtor’s relevant assets, by creditors subject to Judicial Reorganization, with a possible impairment of their restructuring, as well as the demonstration of the requirements of article 48 of the LRE, in a conjunctural analysis, are sufficient for, in the context of summary cognition, substantiate the granting of the claim”, highlighted the titular judge Paulo Assed Estefan in his decision.

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THE CNN Assed said that the purpose of the measure is to understand the real impacts of debt on Americanas and to protect the most fragile creditors, such as the company’s employees.

“I need to protect the order of preference because in case of insolvency or judicial recovery there is already a legislative provision regarding the creditors who should receive first”, he said.

In its petition, Americanas highlighted its relevance, in terms of size and jobs generated, for example, and the risk of interrupting its activities.

It is “a transnational business group (…) bringing together efforts to carry out activities of the nationally known conglomerate
for its performance in the retail sector, with more than 3,600 commercial establishments spread across the country, 146 thousand shareholders, responsible for the generation of more than 100 thousand direct and indirect jobs and annual collection of about R$ 2 billion in taxes”, says the document.

The retailer explained that the inconsistencies detected in the balance sheet, in the amount of R$ 20 billion, should lead to a debt of around R$ 40 billion.

“These inconsistencies (…) will require readjustments in the Company’s releases, which may impact the final results disclosed in the respective previous years, with changes in the company’s debt level and/or volume of working capital”, says the decision.

This implies, continues the explanation, “reflexively, the non-compliance with ‘financial covenants’ provided for in contracts, including foreign ones, leading to the early and immediate maturity of debts in the approximate amount of R$ 40 billion”, says the decision.

Source: CNN Brasil

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