Shein partner, Coteminas enters judicial recovery – Estado de Minas

SÃO PAULO, SP (FOLHAPRESS) – The Coteminas group filed for judicial recovery and, according to the company communicated to its shareholders this Wednesday (8), the request for precautionary protection was granted on Tuesday (7).

In the material fact sent to the CVM (Securities Commission), the company does not inform where the request was made or the name of the judge who partially accepted its request. It also does not say the total amount of debts to be renegotiated with the intermediation of the judiciary.

The extract from the decision included in the statement determines the suspension of all actions and executions against Coteminas and the other companies in the group – the document mentions by name only Ammo Varejo, which sells the Santista, Artexz and Mmartan brands, but the group includes Santanense and Springs Global (parent company, which combines Coteminas with the American Spring US).

Coteminas says that an investment fund notified the group’s companies of the early maturity of debentures issued by Ammo Varejo in May 2022, and the transfer of shares for a negligible value.

According to the statement, the textile company counter-notified the fund because the early maturity of debts would not be configured.

“As already widely reported, since the end of the pandemic, the company has had its business negatively impacted by the combination of adverse factors that led to financial difficulties”, says Coteminas in the document.

RJ’s request, according to the company, seeks to “guarantee the business activities and assets of companies and their subsidiaries.”

In the court decision presented by the group, it was decided that early maturity of the debentures and consolidation of ownership of the shares was impossible “not only due to contractual issues, but because they are characterized as essential assets”.

This, according to the decision, is equivalent to capital assets essential to the development of the group’s activities.

The Coteminas group is chaired by Josué Gomes dos Santos, currently in charge of Fiesp (Federation of Industries of Minas Gerais). The company has been facing lawsuits, protests and was the target of public hearings in Minas Gerais, Paraíba and Santa Catarina – where it has factories. In addition, there are reports of late wages and other labor obligations.

In the middle of last year, the announcement that the company had closed an agreement to produce for the Asian company Shein in Brazil surprised the market, as the company was already experiencing difficulties and was accumulating pauses in its factories.

The agreement with Shein included a loan of US$20 million (around R$100 million at the time) for the operations of Santanense, a uniform fabric company that is part of the group.

Coteminas is led by Josué Gomes, currently president of Fiesp. He was sitting at the table at the Ministry of Finance when the holder of the portfolio, Fernando Haddad, announced that the government would withdraw from the end of the exemption for imported gifts and that Shein would nationalize its production.

Other entities linked to the industry, such as Fiemg (industry in Minas Gerais) and Abit (textile industry), or Abvtex (textile retail), are against the tax benefit granted to foreign companies in the Remessa Compliance program, which exempts companies from import taxes. purchases up to US$50.