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Judicial recovery. What happens now?

Americanas is officially in judicial recovery (RJ). The order, which lists a debt of BRL 43 billion The 16.3 thousand creditors, was made by the company and accepted by Justice this Thursday (19).

The retailer claims that, within 48 hours, it will present the complete list of creditors and the breakdown of liabilities, that is, the amount may change.

What happens now? Creditors cannot claim anything from the company in court. She promised to present a restructuring plan within 60 days.

How does a judicial recovery work? The company gathers in a list the owners of its liabilities, the size of the debt, and presents a payment plan.

• It is common for it to propose a discount for the payment of creditors, which include financial institutions, debenture holders (debt securities) and even public banks, as shown by the Sheet.

• There is a priority order for payment, which starts with labor claims.

• The company also lists the assets it owns that can be sold to help with the process.

Americanas states that “it will continue to operate normally within the new rules of judicial recovery”.

Easter Eggs, BBB… In RJ’s request, the retailer said that it is a “reason of pride for the Brazilian people”, for being an “almost centenary” retailer (founded in 1927).

• It also highlights the points of sale (3,600), which serve more than 50 million of consumers and generate “more than 100 thousand direct and indirect jobs”. In addition, it pays BRL 2 billion in taxes per year.

• The request even mentions the sponsorship of Big Brother Brasil – which it had to abandon in this edition and ended up with Mercado Livre – and says that its crisis could affect the price of the Easter egg.

• “It is the largest retailer of Easter eggs in the world!”, he says.

How did we get here?

At the beginning of this Thursday, the company had communicated to the market that it was on the verge of requesting RJ because it had only BRL 800 million in box.

To understand how the company’s cash came out of about BRL 8 billion at the time of the explosion of the scandal to 10% of that value in a week, it is necessary to understand the retailer’s dispute with the banks, which ended up culminating in the judicial recovery.

as soon as you left the material fact exposing the accounting gap in the company’s “withdrawal risk” operations (we explain the roll here), BTG went to court to guarantee the blocking of BRL 1.2 billion that he had in a retailer account at the institution.

• Other banks made the same move, which targeted the 3G fund, owned by the trio of billionaires Jorge Paulo Lemann, Beto Sicupira and Marcel Telles —reference shareholders.

• Lenders wanted them to take out of their pocket about BRL 20 billion to cover the gap, but the trio waved with a value of BRL 6 billion.

On Friday (13), The Americanas obtained a precautionary measure that prevented the seizure of its assets. The banks reacted and tried to overturn the decision, but only BTG ended up succeeding – in a petition that called the case “the biggest corporate fraud in the history of the country”.

• In addition to the R$1.2 billion retained by BTG, the company was also left without access to more than BRL 3 billion in advances on credit card receivables – a common operation that guarantees retail working capital, but which banks refused to finance.

• Other creditors who held the company’s assets, such as Bradesco and Itaú, also blocked their accounts – they will have to release the money, the Court decided.

In the petition for judicial recovery, Americanas criticizes its creditors. He says that, if it weren’t for the bleeding in the cash, it would be possible to renegotiate the debts and continue operating without liquidity problems.

More on the Americana scandal

In the purse: the reflection appears in the company’s shares, which ended the day quoted at BRL 1.00falling from 42.52%. Since before the breach was revealed, when the shares were worth R$12, the accumulated devaluation has been 91.6%.

• As it is in judicial reorganization, the company’s shares will leave all the B3 indexes, the Brazilian Stock Exchange, including the Ibovespa, the main one.

One day after the other: see the chronology of the crisis that led Americanas to file for judicial recovery.

podcast: Café da Manha explains the origin and consequences of the hole in Americanas.