Categories: Business

Banks return blocked funds from Americanas

Banks return blocked funds from Americanas

Judge Marcos Andre Chut, from the Justice Department in Rio de Janeiro, gave Votorantim bank 24 hours to return the R$ 207 million that were blocked from Americanas.

Banks Bradesco and Itaú informed that they are spontaneously making resources available to the company, without the need to be subpoenaed for this. In the case of Bradesco, R$474 million, and Itaú, R$45.7 million.

Americanas, which filed for bankruptcy this Thursday (19th), suffered from serial withdrawals of funds made by creditor banks, which helped to dry up its cash and is now trying to recover the money.

Added together, the blocked amounts reached R$ 822 million and the company’s cash had dwindled to R$ 250 million. In the assessment of sources close to Americanas, the decision to file for judicial recovery ended up “saving the company”.

The climate between the creditor banks and the company is terrible after the discovery of accounting inconsistencies in the company’s balance sheet that reach R$ 20 billion. Investigations will determine whether or not there was fraud.

The BRL 95 million blocked by Banco Safra and, the largest amount, BRL 1.2 billion that is with BTG, which obtained an injunction that is still in force, still need to be recovered.

Americanas’ debts amount to R$43 billion. It is the fourth largest judicial recovery in the history of Brazil. CNN reached out to the banks and is awaiting a response.

Source: CNN Brasil