BofA goes to court to find out how much Americana owes him

Bank of America (BofA) filed an appeal this Monday (16) with the 4th Corporate Court of Rio de Janeiro questioning the guardianship that prevents the freezing of assets at the request of creditors obtained by Americanas last Friday (13), found the Sheet. The bank has derivative contracts with the retailer.

The office that represents BofA, Cescon, Barrieu, Flesch & Barreto Advogados, filed a motion for clarification to clarify what it pointed out as an omission in the precautionary decision, regarding article 193 A of the Judicial Recovery and Bankruptcy Law, which authorizes the early maturity and offsets within the scope of derivative operations.

The decision that suspended collections by Americanas’ creditors for 30 days would have been very broad in indicating that “no contract can be expired”, without addressing the issue of derivatives – which are financial contracts that are based on an asset. A futures interest contract, for example, is a type of derivative.

The information was anticipated by Valor and confirmed by Sheet.

The bank could settle the derivative position and calculate the credit and debit of the parties, regardless of this suspension for one month. In practice, BofA wants contracts to expire in advance so that the institution can determine the value of its own credit.

Unlike BTG, BofA does not have “drawn risk” operations (supplier financing) with Americanas.

When contacted, the office Cescon, Barrieu, Flesch & Barreto Advogados says it does not comment on the case.

(Collaborated Renato Carvalhofrom Sao Paulo)