Americanas asked for and obtained in court protection against creditors who want to anticipate the payment of debts.
Judge Paulo Assed, of the 4th Corporate Court of Rio de Janeiro, granted a precautionary measure to suspend early maturities and the effects of default by the company.
After this decision, the Court of Justice of Rio de Janeiro (TJRJ) gave Americanas 30 calendar days to file for judicial recovery. The process runs in secrecy of justice and was obtained by Estadão / Broadcast.
Americanas’ request was made because the accounting inconsistencies of around R$ 20 billion reported by the company could lead to the early maturity of R$ 40 billion in debt, according to the retailers’ claim to the TJRJ.
“These inconsistencies, in the Plaintiffs’ assessment, will require readjustments in the Company’s entries, which may impact the final results disclosed in the respective previous years, with a change in the company’s debt level and/or volume of working capital, implying, via reflected in 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”, is stated in the judge’s decision.
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.
(With information from CNN’s Juliana Elias)
Source: CNN Brasil
A journalist with over 7 years of experience in the news industry, currently working at World Stock Market as an author for the Entertainment section and also contributing to the Economics or finance section on a part-time basis. Has a passion for Entertainment and fashion topics, and has put in a lot of research and effort to provide accurate information to readers.
