Americanas (AMER3) requests extension in the US of the effects of judicial recovery in Brazil

Americanas (AMER3) requests extension in the US of the effects of judicial recovery in Brazil
Americanas (AMER3) requests extension in the US of the effects of judicial recovery in Brazil

*Correction: contrary to what was previously reported by Reuters, the company did not file for bankruptcy in the US, but a extension in the US of the effects of the judicial recovery in Brazil. The article has been corrected with the information.

The Americanas (AMER3) pesaid this Wednesday (25) in the United States an extension of the protection effects assured in its recovery process judicial nBrazil, on a process known as “Chapter 15”, according to a document judicial.

saccording to the document, “the directors unanimously approved the submission of the Company’s request for judicial reorganization in the United States of America (Chapter 15), extending the effects –including also the protection offered– of the judicial reorganization of the Company and its subsidiaries … before the 4th Business Court of the Judicial District of the Capital of the State of Rio de Janeiro…, as applicable, to the United States of America”.

The company informed that the document does not represent a request for judicial recovery in that country.

“Americanas informs that it requested an extension to the United States of the effects of protection (notably the suspension of payments to creditors) ensured in its judicial recovery process in Brazil, which is called Chapter 15. The company reiterates that it did not file a request for recovery in that country”, highlighted the company in a note.

The retailer had the request for judicial recovery in Brazil accepted by the Justice of Rio de Janeiro on the last 19th, with the company citing debts of around R$ 43 billion. The request was made here eight days after the company revealed an accounting deficit of R$ 20 billion, in one of the biggest corporate scandals in the history of Brazil. Already this Wednesday, the company released its list of creditors with almost 8 thousand names and debts of R$ 41.2 billion.

In the document asking for the recovery, the retailer cited the worsening in conversations with creditors and suppliers, the consequent reduction in the cash position and the need to maintain the operation as reasons for the request, the fourth largest in history in the country.

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The request for judicial recovery includes companies B2W, JSM Global and ST Importações, leaving out fintech Ame, which had been receiving a strong boost from the group’s ecosystem of physical and online stores.

The request for judicial recovery places Americanas, with around 40,000 employees and 3,600 physical stores, among the largest ‘RJs’ in the country. The group with the largest operations of its kind in the country includes Odebrecht, with BRL 98.5 billion in debt in 2019; Oi, with BRL 65.4 billion in 2016; and Samarco (R$50 billion) in 2021.

(with Reuters)

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The article is in Portuguese

Brazil

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