Americana succeeds in extending protection against collection from creditors | Economy

The Fourth Corporate Court of Rio de Janeiro granted the application of Americanas and Extending the period of company protection against collections from creditors for another 180 daysthe retailer reported on Physical Fact on Tuesday (11).

with resolution, “All proceedings and executions against the group” remain suspendedas well as the “enforceability of bankruptcy credits,” the company said.

The additional term is calculated from the end of the “residence period” – the protection period for the company that is subject to judicial recovery.

• balance sheet with “inconsistencies”

On January 11, Americanas disclosed in a statement that it had identified “accounting inconsistencies” in companies’ balance sheets, with a value of up to 20 billion Brazilian reals.

The gap, resulting mainly from debts with banks in operations with drawn risks, led to an increase in the level of indebtedness and a decrease in working capital. In short, operations are not properly launched, reducing the company’s debt.

As a result, Americana shares began to decline. Major financial institutions put the shares under review, and the São Paulo Stock Exchange put B3, the company’s common (voting) shares up for auction.

• Battle with banks and other creditors

However, when the company issued the entire decision on the request for urgent prudential protection, it was noted that the company’s debt level was higher than what had been disclosed – more than 40 billion Qatari riyals, compared to the 20 billion Brazilian riyals that had been disclosed. previously disclosed.

• Judicial recovery request

According to Spot Finance CFO Marcelo Marin, the court recovery request has become the fourth largest in the country’s history, behind only Odebrecht, Oi and Samarco.