In a relevant fact released yesterday, Coteminas stated that the company has had its business “negatively impacted by the combination of adverse factors that have led to financial difficulties since the end of the pandemic”. In this sense, the recovery request was requested as a way of guaranteeing the preservation of the company’s activities and its subsidiaries “which would be subject to irreparable damage”.
The trigger for presenting the request was an early maturity of debentures (debt securities) worth R$ 180 million charged by the FIP Odernes fund, which requested access to shares in Ammo Varejo, one of those controlled by Coteminas, as a guarantee for the non payment of debts.
The recovery process is being processed in secret, but Estadão/Broadcast had access to the decision. The judge considered that the freezing and seizure of assets, resulting from debt enforcement, could make business activities and the payment of employees, suppliers and taxes unfeasible.
Difficulties
The judicial recovery involves Coteminas and its subsidiaries – in addition to Ammo Varejo, Springs Global. In recent years, the group has been trying to resolve financial problems, amid rising interest rates and falling revenues. Last year, the loss was R$759 million.
Ammo, which owns brands such as MMartan, Artex and Santista, tried to go public in 2021, but with the closure of the market, which has not reopened to date, the plan was shelved. In June 2022, it tried to raise R$300 million in a private debenture issue. The papers were convertible into shares, with a term of 5 years, therefore maturing in 2027.
Tags: R1 .1 billion debt Coteminas requests judicial recovery
