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HomeEconomyOne third of Americanas' debt is with public banks; government acts...

One third of Americanas’ debt is with public banks; government acts to reduce losses

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Public banks and state development institutions account for one third of Americanas’ debt and, given this volume of credit made available, the Attorney General’s Office (AGU) intends to join as an interested party in the recovery process that the company is expected to move into next week. (until January 24), in Rio de Janeiro.

As reported to Sheet, the company will request the “freezing” of approximately R$ 20 billion in debts to the Justice, a standard procedure adopted until it presents a recovery plan.

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The value may still change, depending on the judge’s assessment of the request and negotiation with creditors.

Of the total debt, public institutions signed 19 contracts with the retailer in the amount of R$ 6.4 billion, which represents a third of the total credit operations closed by the retailer.

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The figure, however, refers to the face value and does not consider the interest linked to the operations.

Sought, the AGU did not manifest itself until the publication of this text.

With more than 1,800 physical stores, one of the largest retail groups in the country has been involved in a billionaire scandal since its president resigned after finding “inconsistencies” of R$ 20 billion in the company’s balance sheet.

They lent to Americanas Banco do Brasil, Caixa Econômica Federal, BNDES (Economic Bank for Economic and Social Development), Banco da Amazônia, Banco do Nordeste and Finep (Financier of Studies and Projects).

Caixa was responsible for the most recent loan, in the amount of R$ 450 million. It was granted on December 21, 2022, less than three weeks before former president Sergio Rial communicated to the market that there were accounting inconsistencies of BRL 20 billion in the company’s balance sheet.

Rial stepped down ten days after taking office. The director of investor relations, André Covre, also left.

The list of creditors appears in the petition presented to the Court in which the company asked for the suspension of liabilities (such as the payment of debt) provided for in contracts for 30 days and which was first contested by BTG Pactual.

government action

People who participate in the discussions affirm that, in addition to the representatives of the public banks, the Lula government, through the AGU, must take part in the process in view of the volume of credits and the risk of exaggerated discounts at the time of negotiations around a plan of recovery that the company must present.

This plan will be submitted to the judge and subsequently voted on by a meeting of creditors. Debt discounts are generally included in the recovery plan. Those who choose to receive in less installments end up accepting a greater discount.

The procedure is common and occurred during the recovery of companies such as Lava Jato contractors, Rede Energia, Sete Brasil and Oi — some of the largest processes in the country.

Only Oi registered, initially, debts of R$ 65 billion (R$ 85 billion in values ​​adjusted for inflation until this Wednesday). Six years later —the period the process lasted—, that debt was renegotiated with discounts and today the company —which has left the judicial reorganization— has a gross debt of around R$ 22 billion.


BRL 6.4 BILLION WITH STATE
The list of creditor banks and the amount of each debt

Amazon bank

Borrower: Americanas S/A
Value: BRL 100 million
Date: 11/01/2022

Northeast Bank

Borrower: Lojas Americanas
Amount: BRL 165.9 million
Date: 05/12/2013

Bank of Brazil

Borrower: Uni.Co Comércio S/A (Americanas group)
Value: BRL 5 million
Date: 09/14/2022

Borrower: Uni.Co Comércio S/A (Americanas group)
Amount: BRL 45.8 million
Date: 08/31/2022

Borrower: ST Importações Ltda (Americanas group)
Value: BRL 20 million
Date: 11/28/2014

Borrower: ST Importações Ltda (Americanas group)
Amount: BRL 46.3 million
Date: 05/17/2019

Borrower: Americanas S/A
Value: BRL 2 billion
Date: 02/11/2020

Borrower: Americanas S/A
Amount: BRL 713.6 million
Date: 12/19/2019

Borrower: Americanas S/A
Value: BRL 100 million
Date: 05/24/2021

Borrower: B2W Companhia Digital (Americanas group)
Value: BRL 100 million
Date: 03/31/2017

BNDES

Borrower: Lojas Americanas
Transferor: Banco Itaú BBA SA
Amount: BRL 24.7 million
Date: 12/16/2013

Borrower: Lojas Americanas
Value: BRL 1.5 billion
Date: 04/13/2018

Borrower: B2W Companhia Digital (Americanas group)
Amount: BRL 913.7 million
Date: 05/30/2018

Caixa Econômica Federal

Borrower: Americanas S/A
Value: BRL 450 million
Date: 12/21/2022

Borrower: Hortigil Hortifruti SA (Americanas group)
Amount: BRL 45.2 million
Date: 09/2022

Borrower: Hortigil Hortifruti SA (Americanas group)
Amount: BRL 45.2 million
Date: 06/2021

Borrower: Hortigil Hortifruti SA (Americanas group)
Value: BRL 50 million
Date: 06/29/2020

Borrower: Hortigil Hortifruti SA (Americanas group)
Value: BRL 50 million
Date: 06/29/2020

FINEP

Borrower: Lojas Americanas
Amount: BRL 84.1 million
Date: 08/08/2018

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