untitled design

Value proposed by shareholders to settle Americanas debt is the target of an impasse

Negotiations regarding Americanas’ millionaire debt hit an impasse. The trio of investors Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira indicated an injection of BRL 6 billion in the company. The measure was announced on Friday (13), the same day that Judge Paulo Assed, from the 4th Corporate Court of Rio de Janeiro, complied with the company’s request and granted an injunction to suspend the early collection of debts.

The figure was considered insufficient by the banks to solve the cash problems arising from the discovery of “inconsistencies” in the amount of R$ 20 billion in the retailer’s balance sheet. The existence of the hole was communicated during the week by Sergio Rial, who had been in charge of Americanas for less than 15 days. The banks estimate that the trio would need to put in something between R$ 10 billion and R$ 15 billion to enable the capitalization that the retailer needs to do – and urgently.

Creators of the manager 3G Capital, Lemann, Telles and Sicupira are behind other great business ventures, such as Anheuser-Busch InBev, created in 2004 from the merger of the Belgian Interbrew and the Brazilian Ambev. The investment in Americanas was the first outside the financial segment made by the trio – which stayed with the company for decades, until it left its control at the end of 2021.

Rial, who is now participating as an adviser to 3G, participated in Friday’s talks and heard the banks’ demand. They put the capitalization as a condition to suspend debt collection and still maintain credits to retailer suppliers.

Judicial recovery

The decision of the judge of the 4th Business Court of Rio de Janeiro, however, prevents the early collection of debts. In the request forwarded to Justice, Americanas stated that some creditors were already notifying the company about the early maturity of debts. The company pointed out “resource constriction” in an amount “over R$ 1.2 billion, promoted by Banco BTG Pactual”.

Paulo Assed determined the restitution of amounts that Americanas’ creditors have compensated or withheld. After this decision, the court gave Americanas 30 calendar days to file for judicial recovery.

The TJRJ said it was competent to process and judge any request for judicial recovery by Americanas because the company’s headquarters are in Rio de Janeiro. In addition, he points out that the mechanism aims to preserve the social function of companies.

The information is from the newspaper “O Estado de S. Paulo”.

Source: CNN Brasil

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular