Coteminas, the industry owned by the president of Fiesp, requests judicial recovery

✅ Receive news from Brasil 247 and TV 247 on Brazil channel 247 and on community 247 on WhatsApp.

247 – Coteminas, which belongs to the president of the Federation of Industries of the state of São Paulo, Josué Gomes da Silva, stated this Wednesday (8) that the Court approved as a matter of urgency the suspension of the group’s debt collections due to an approved judicial recovery request.

The company made the request after an early maturity of debentures (a debt security that generates a credit right to the investor) charged by the FIP Odernes fund, which requested access to shares in Ammo Varejo, controlled by Coteminas, as guarantee for non-payment of debts. .

CONTINUES AFTER AD

Owner of brands such as MMartan, Artex and Santista, Ammo tried to go public in 2021, but was unable to do so and, in the following year, it intended to raise around R$300 million in a debenture issue. The shares were convertible into shares within five years. But the company placed R$180 million on the market. The amount remained with the Odernes Investment Fund. In March 2023, Coteminas was unable to meet financial obligations relating to these securities.

In a statement, Josué Gomes da Silva’s company said that the early maturity of the debts would worsen Coteminas’ business which, since the end of the coronavirus pandemic, has been “negatively impacted by the combination of adverse factors that led to financial difficulties”.