Trio of Americanas shareholders propose contribution of BRL 7 billion

Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira proposed a financial contribution of R$ 7 billion to Americanas’ creditors, as disclosed by the company this Thursday (16).

The trio of reference shareholders of the retailer also proposed today, in a meeting with representatives of the creditor banks, the repurchase of part of the debt, in the order of R$12 billion, and the conversion of financial debts in the total amount of around R$18 billion, part in capital and part in subordinated debt.

As disclosed by Americanas in a material fact, there was no agreement regarding the proposals presented. “The company hopes to continue holding constructive discussions with its creditors in search of a sustainable solution that allows the continuity of its activities”, he said.

Americanas must present a judicial recovery plan on March 20, the maximum date on which it committed itself to the MPT and union entities not to carry out mass layoffs of employees.

Since the beginning of the crisis, the trio of shareholders has been trying to negotiate the debt of more than R$40 billion with creditors, especially the banks, which hold most of the debt.

Lemann, Telles and Sicupira demonstrated for the first time at the end of January. At the time, they released a letter in which they said they had not been aware of the accounting inconsistencies over the years that led to the company’s billionaire debacle.

When the crisis erupted, the three famous businessmen negotiated with banks and offered BRL 6 billion to reinforce the company. But the banks found little. They wanted at least R$ 10 billion to start talking, and the parties did not reach an agreement.

However, at no time did the two parties reach an agreement, which led the retailer to file a recovery request. Some banks are even waging legal battles against Americanas.