Trio from 3G Capital considers investing BRL 1 billion in Americanas

Americanas, one of the largest retailers in the country, which has been in judicial recovery since the last 19th, informed in a material fact, published on Tuesday night (31st), that it is considering asking the Rio de Janeiro Court for “extra-bankruptcy” financing in the debtor-in-possession modality” (DIP) “in the minimum amount of R$ 1 billion”.

The request must be made to the 4th Corporate Court of the Judicial District of the Capital of the State of Rio de Janeiro, which approved the retailer’s judicial recovery on the same day 19 in which the petition was made, when it pointed out debts of R$ 43 billion.

“The company has been discussing with its reference shareholders the possibility of them subscribing up to the entirety of the minimum amount”, informs Americanas in the statement. The reference shareholders are the trio of Brazilian billionaire founders of the private equity firm 3G Capital Jorge Paulo Lemann, Marcel Herrmann Telles and Carlos Alberto Sicupira, who until the end of 2021 were the retailer’s controllers. Today they have 31% of Americanas.

According to the material fact, the DIP financing “may eventually be replaced by new
financing, convertible into company shares, and which will ensure the preemptive right of all shareholders.”

Since the BRL 20 billion accounting scandal surfaced on January 11, revealed by the former president of Americanas, Sergio Rial, the trio of billionaires has been criticized by the retailer’s creditor banks, which together hold most of the debt. from the company.

Financial institutions, especially the BTG Pactual bank, criticize the fact that the former controllers did not contribute enough capital to save the company from bankruptcy. The retailer is fighting in court with BTG, which managed to block BRL 1.2 billion from Americanas’ bank account.

The communiqué also says that, “if approved, the DIP financing, together with other sources of
liquidity being explored by the company, including the release of amounts retained by certain creditors, will allow it to maintain investments in working capital and finance non-bankruptcy obligations, including payments to suppliers and partners.”

This Tuesday (31), as revealed by Sheetthe company started firing employees, starting with outsourced professionals, in order to reduce its expenses.

In the material fact, Americanas states that the capital will help the company to “maintain the normal course of its business and reinforce its liquidity”.

“If carried out, the DIP financing should not have guarantees, it will allow the participation of
company’s creditors and should have remuneration equivalent to the average cost of financing
of the company before the request for Judicial Recovery (about 128% of the CDI)”, says the text.