Bradesco asks that justice determine prior approval for Americanas to withdraw funds

Bradesco said this Wednesday that it asked the Justice of Rio de Janeiro to only allow Americanas to withdraw funds from the bank with prior approval.

Earlier, the newspaper O Estado de S. Paulo published that Bradesco’s petition to the Rio de Janeiro Court states that Americanas “may file for judicial recovery” and that, therefore, the bank’s request is necessary.

A decision by the Justice of Rio de Janeiro last week that protected the company against creditors for 30 days was reviewed in part in favor of BTG Pactual this Wednesday. The debt charged by the retailer’s bank is 1.2 billion reais.

Note from Americanas

In a note, Americanas says that Bradesco’s attitude against the company’s cashier harms its viability. Check out the company’s position in full:

“Americanas informs that the unilateral attitude of creditors compensation against the company’s cash jeopardizes its viability. Only Banco Bradesco withheld more than R$450 million from cash, acting in disagreement with the decision of the injunctive relief. Americanas is a century-old retailer that provides a broad service to the population and has a strong social commitment to bringing accessible products to its 53 million customers. The company continues to seek a short-term solution with its creditors, in order to maintain its commitment as a generator of thousands of direct and indirect jobs, broad social impact, source of production and stimulus to economic activity, in addition to being a relevant payer of tributes. Americanas hopes that creditors will also commit to finding solutions.”