Americanas (AMER3) communicated this Monday that its board of directors hired Rothschild & Co, to act as the company’s interlocutor in the debt renegotiation, both in Brazil and internationally.
“Americanas reinforces its commitment to seek a short-term solution with its creditors,” he said in a material fact to the Brazilian Securities and Exchange Commission (CVM).
Americanas shares plummeted 41.59%, at 1.84 reais, this Monday before negotiations were suspended due to the material fact.
On Friday, the company won an important court decision protecting it for 30 days against early debt maturity, a period that the retailer can use to reach an agreement with creditors or file for bankruptcy.
This Monday, the credit rating agency Moody’s cut Americanas’ credit rating from ‘Ba2’ to ‘Caa3’ and placed the rating under review for further downgrading, following the movement of its peers Fitch and Standard&Poor’s last Friday.
Under Moody’s scale, bonds rated ‘Caa’ are considered speculative with low ranking and are subject to very high credit risk. The ‘Ba’ rating also represents obligations that are considered speculative but subject to substantial credit risk.
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