Bradesco contested this Friday morning (17) the authorization granted to Americanas by the 4th Corporate Court of Rio de Janeiro, responsible for the company’s judicial recovery, to use R$ 200 million to pay employees and small creditors.
The bank asked in an appeal that “the payment of any creditor subject to judicial recovery be rejected and prohibited before the approval of the plan” of payment to all creditors.
“The payment of any credit subject to the effects of the judicial recovery could only happen after the approval of the respective plan. Even because, under the terms of the caput of art. 49, “[e]all credits existing on the date of the request, even if they have not expired, are subject to judicial recovery”, said Bradesco in the petition.
The bank also states that “therefore, only creditors not subject to the effects of judicial reorganization, such as those exempted under the terms of §3 of art. 49, may receive payment during the procedure and outside the conditions provided for in the judicial recovery plan”.
The formula adopted by Americanas when paying small creditors was similar to the one used in the recovery of Oi, when specific classes of creditors were also chosen to make payments in order to reduce the scope of the judicial recovery.
In this way, an assembly of creditors, for example, would eliminate hundreds of individuals and legal entities and would concentrate negotiations on large debts with large companies, such as banks, for example.
The funds for the payment were raised through DIP financing authorized last week by the Court. This is a type of loan granted by firms specializing in companies undergoing judicial recovery.
With authorization from the Court, this money is used for the company to continue operating and has preference in receiving over other creditors when the company returns to pay its debts.
Americanas managed to raise approximately R$ 2 billion with the loan, structured in the form of the issuance of debentures, with the availability of 2,000 debentures with a nominal unit value of R$ 1 million each.
The following participated in the meeting that discussed the measure:
- “(i) BY JUDICIAL ADMINISTRATION OF JUDICIAL REORGANIZATION: Preserva-Ação Administração Judicial Ltda., represented by Dr. Bruno Rezende, and Zveiter Advocacy Office, represented by Dr. Flavio Zveiter.
- (ii) BY GRUPO AMERICANAS IN JUDICIAL REORGANIZATION: Dr. Camille Loyo Faria, the Company’s financial and investor relations director.
- (iii) AMERICANAS GROUP ATTORNEYS: Dr. José Roberto Sampaio, Dr. Luis Felipe Salomão Filho, Dr. Felipe de Oliveira Gonçalves and Dr. Felipe Correa”.
Source: CNN Brasil
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