Justice denies BTG’s request to suspend payment of Americanas debts

Judge Luiz Roldão de Freitas Gomes Filho, from the judicial branch of the Court of Justice of Rio de Janeiro (TJRJ), denied the interlocutory appeal filed by BTG Pactual against the decision of the 4th Corporate Court of the Capital District, which accepted the request of Americanas to suspend early maturities and effects of default.

The company had previously requested preliminary injunctions, with B2W Digital Lux SARL and JSM Global SARL, in order to suspend debt payments from creditors who had already begun to move to try to receive the amounts, after the disclosure by the companies of inconsistencies financial statements around R$ 20 billion.

In the decision, the judge considered that the request made in court on duty cannot be known, as it is not provided for in the resolution that governs the powers of the court on duty.

He also pointed out that the parties and interested parties had not been summoned in the decision issued by the 4th Court, which was published on Saturday, adding that between December 20 and January 20, the course of procedural deadlines is suspended.

“It is not too much to remember that the competence of the judge on duty is transitory and has a precarious nature, and must be exercised when there is a need to decide on urgent precautionary measures, of a civil or criminal nature, that cannot be carried out during normal office hours or in the case in which that the delay could result in a risk of serious damage or difficult repair”, says the judge in the decision. “However, the measure claimed here can be perfectly carried out during normal forensic office hours, since, at least within the scope of this judicial duty, there is no situation of delay that could result in a risk of serious damage or difficult reparation to the appellant.”

He also states that the issue should be considered by the natural rapporteur, after the distribution of this appeal, which should probably take place this Monday (16).

unfriendly fight

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.

View excerpts from the petition

“The three richest men in Brazil (with assets valued at R$ 180 billion), anointed as a kind of demigods of world capitalism “of good”, are caught with their hand in the cash of what, since 1982, is one of the main trio companies.

Two days later, they have the nerve to come to court to ask for a precautionary measure, preparatory to a judicial reorganization, to prevent creditors from legitimately protecting their assets in light of the biggest corporate fraud in the history of the country.

It is the fraudster asking the bars of Justice for protection ‘against’ his own fraud. It’s the fraudster fulfilling his own prophecy, truly ‘acting crazy so these guys know it’s for real’.”

The excerpt above is a quote from a book that tells the story of the trio of investors, owners of several companies in Brazil and abroad, such as Inbev, Kraft Heinz, Burger King, among others.

The judge on duty at the TJ-RJ, Luiz Roldão De Freitas, argued that it was not the case for an out-of-hours decision and determined that the appeal be distributed to a rapporteur this Monday (16).

Another excerpt from the document obtained by the CNN the lawyers from Galdino & Coelho, Pimenta, Takemi, Ayoub describe what would be a premeditated action by the managers of 3G shortly before Americanas disclosed the “accounting inconsistency” in a material fact last Wednesday (11).

“The premeditation became even clearer after the news that, months after the planned disclosure of the financial hole, that same high leadership of controllers simply sold more than R$ 210 million in company shares.

Hours before the disclosure of the infamous Material Fact, the company also tried to withdraw from the bank approximately BRL 800 million in investments held in BTG”.

What does Americana say?

Americanas commented on the accusations. He reiterated, through a note, “the importance of maintaining the injunction, despite the attempt to suspend it, which could generate asymmetry between its creditors, including banks, and would not help in the process”.

Read the full statement from the company below.

“Americanas SA informs that the precautionary measure only seeks the necessary legal support so that both Americanas and the creditors can reach a possible agreement. Americanas reiterates the importance of maintaining the injunction, despite the attempt to suspend it, which could generate asymmetry between its creditors, including banks, and would not help the process.

Americanas works, given its social weight throughout Brazil, generating more than 100,000 direct and indirect jobs, to find a solution with its creditors and, thus, to maintain the source of production, the employment of workers and the interests of creditors. , promoting the preservation of the company, its social function and the stimulus to economic activity.

At this moment, the company continues to believe in the protection of the precautionary measure and in the creditors’ commitment to return with a proposal.

Americanas will shortly appoint its negotiation team with creditors.”