The American saga continues! The company asked the Justice of Rio de Janeiro to clarify the deadline for presenting the list of creditors within the scope of its judicial recovery that ends on Wednesday (25). This means that the retailer’s defense asks that, if the understanding of the Rio Court of Justice is different, the deadline be extended, giving another 48 hours for the list to be filed.
Therefore, the company’s lawyers also claim that procedural deadlines do not start or end on non-working days. They also claim that there is another point that would delay the start of the term, which is the fact that last Friday was a holiday in Rio de Janeiro, where the process is running.
Before that, there was the possibility that Americanas would present the list last Monday. It is worth remembering that the judicial recovery involves BRL 43 billion in debt, distributed among 16,300 creditors. According to the sources, the biggest creditors would be the company’s creditor banks.
In the midst of all this crisis, Americanas shares (AMER3) went from a market value of R$ 10.83 billion on January 11, which was before the disclosure of the accounting breach, to R$ 641 million, according to the closing on the 20th. In fact, this is the lowest value the brand has ever had on the Stock Exchange, according to a survey by the TradeMap platform.
A curiosity is that it was the first time that the share was worth less than R$ 1.
What we will see in this article:
4th largest judicial recovery in Brazil
To provide more context, Americanas filed for bankruptcy last week, Thursday (19). In all, the company claimed to have R$ 800 million in cash and to have billionaire debts. As a result, the judicial reorganization of Americanas is the fourth largest in the history of Brazil.
The largest judicial recovery in the country is that of Odebrecht, which began the process with debts of R$ 80 billion. Soon following, comes Oi, which was recently finalized at R$ 65 billion. The third is that of Samarco, of R$ 55 billion.
While in the ranking of the largest judicial recovery processes in Brazil, Americanas’ debt is greater than that of Sete Brasil, with R$ 19 billion, and OGX, with R$ 12.3 billion.
According to the company, the judicial recovery process has the objective of “maintaining jobs, paying taxes and maintaining a good relationship with its suppliers, creditors and investors in general”. With around 44 thousand employees, Americanas maintained the position that Jorge Paulo Lemann, Marcel Telles and Beto Sicupira will finance part of the company’s recovery.
“To this end, the company’s group of reference shareholders informed the Chairman of the Board of Directors that it intends to maintain the company’s liquidity at levels that allow for the proper functioning of the operation of all stores, its digital channel, Americanas.com, the AME and its affiliates”, said the note.
What’s going on with Americans?
The shares of Americanas (AMER3) lost more than 70% in value on the Stock Exchange on Thursday (12). That is, those who had R$ 1,000 invested in AMER3 on Wednesday (11th) now have only R$ 226.70. In a conference organized by BTG Pactual and transmitted virtually (but in a limited way), the former chief executive of Americanas, Sergio Rial, informed that he does not believe that the company is “toxic”.
The key point of the question burst is why he resigned from office following the breach was announced. Rial lamented the losses of small shareholders. “It is dramatic for the shareholder who bought (Americanas assets). But the company is big enough to be redesigned,” he said.
Many people were surprised to learn that a large popular company was so broke. It so happens that when a retail company buys something from a supplier, it gives the supplier two payment options: following a certain period, but with an increase in price, or in cash, at the normal value. An important detail is that in this case, it is not Americanas that pays, but the bank.
As Rial explained to analysts, the R$ 20 billion is the sum of this debt with banks over seven years.
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