Americanas enters into judicial recovery after R$ 20 billion loss

Americanas enters into judicial recovery after R$ 20 billion loss

This Thursday (19), Americanas filed for bankruptcy. The company reported that debts add up to R$ 43 billion, while the amount in cash would be around R$ 800 million – well below the R$ 8.6 billion announced in the third quarter of 2022. The company is still facing the meltdown of its actions after the breach was announced, multiple lawsuits, in addition to having its credit rating downgraded to D — equivalent to default, from the English for “default”.

  • Americanas: understand what can happen to the company and its customers
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The collapse of the company began on Wednesday (11), when Sergio Rial resigned as CEO, just ten days after assuming it. The following day, during an event with investors, the executive announced the identification of “accounting inconsistencies”, which totaled BRL 20 billion in debt – which could reach BRL 40 billion if creditors filed a request for early and immediate maturity. of debts.

According to the document released by Americanas, the accounting area identified “the existence of purchase financing operations in amounts of the same order (R$ 20 billion), in which the company is a debtor to financial institutions and which are not adequately reflected in the account of suppliers in the financial statements”. Which means that the billionaire amount had been incorrectly recorded on the company’s balance sheets.

Check out the most common questions about judicial recovery and what will happen to Americanas from now on:

Main questions about judicial recovery

What is judicial recovery?

The judicial recovery process exists to prevent a company in a critical financial situation from going bankrupt. The indebted company is given a period to continue operating while it negotiates with its creditors through court mediation. Your debts are frozen for 180 days. In addition, the company undergoing judicial recovery is obliged to present a restructuring plan to be approved by the creditors.

Who can apply for judicial recovery?

Any private company, regardless of size, as long as it has been operating for more than two years. The law, however, does not apply to state and mixed capital companies, as well as credit unions and health plans. Another case is when the company has already resorted to judicial recovery for less than five years or if it is commanded by entrepreneurs who have already been convicted of a bankruptcy crime – related to bankruptcy proceedings.

“It can happen [a companhia] ask before going into default, but usually it is when she sees that she is not able to pay and wants to buy time to be able to talk to creditors without foreclosures”, says lawyer Clara Azzoni, specialist in judicial recovery at the Felsberg office, to the G1 portal.

How is the request for judicial recovery made?

To start the application, the company needs to file an initial petition that contains the financial balance of the last three years, the reasons for the financial crisis, list of creditors, among other information. After acceptance by the Justice, the company has 60 days to present a recovery plan. According to the law, the meeting of creditors must take place within 150 days after the granting of the process by the Justice.

What is the difference between judicial recovery and bankruptcy?

The judicial recovery process aims to avoid bankruptcy, with a plan to recover the company. In bankruptcy, the company shuts down its activities completely, all its assets are collected by the courts and sold to pay off debts. Americanas’ judicial recovery case is the 4th largest in Brazil, with a total value of R$ 43 billion — behind only Odebrecht, Oi Móvel and Samarco.

Government asks for answers on the impact of the crisis on customers

This Tuesday (17), the National Consumer Secretariat (Senacon), of the Ministry of Justice and Public Security, notified Americanas to provide clarification on the breach, questioning the immediate impacts on consumers, in the medium to long term, and which policies and channels for solving any conflicts will be made available to consumers.

The secretary of Senacon, Wadih Damous, said that the body “fulfills the role of monitoring conduct that may characterize violations of consumer relations with national repercussions”. On Friday (13), Procon-SP had already notified the company questioning whether purchases made will be honored, asking for details on how many people will be affected. The company has not yet responded.

Executives sold almost BRL 212 million in company shares

In the second half of last year, Americanas executives sold nearly R$212 million in company shares, according to the Reuters news portal. The data indicate that the gap refers to the first nine months of 2022 and previous years. The former CEO, Sergio Rial, believes that the breach would not have gone unnoticed by the company’s other management.

According to a report in the newspaper O Globo, the documents published on Americanas’ investor relations portal do not specify the names of the directors who carried out the operations. On August 19, the company changed command of the company, with former executive president Miguel Gutierrez replaced by Rial — who resigned following the revelation of the collapse of Americanas.