Americanas announced that it met with financial creditors this Monday (6) and Tuesday (7) in search of an understanding to settle the debts. The proposal was to increase capital in cash in the amount of R$ 10 billion. The parties, however, did not reach an agreement.
The company said it “expects to continue holding constructive discussions with its creditors in search of a sustained solution that will allow the continuity of its activities”. The attempt at negotiation was presented to financial creditors by Rothschild & Co, advisory services hired by Americanas.
On February 12th, Americanas shareholders had proposed a capital contribution in cash of R$ 7 billion. The negotiation was led by Jorge Paulo Lemann, Alberto Sicupira and Marcel Telles. The Securities and Exchange Commission (CVM) announced at the time that there was no agreement.
The trio of billionaires would increase their capital in the company with the contribution, which considered a financing of BRL 2 billion already raised, and would also be converted into capital. The proposal also included the repurchase of debt by the company in the amount of R$12 billion and the conversion of financial debts for around R$18 billion reais, part in capital and part in subordinated debt.
In January, the 4th Business Court of Rio de Janeiro accepted the request for judicial recovery of the American Group. Accounting inconsistencies were alleged that generated more than BRL 40 billion in debt. The Americanas Group is made up of the companies Americanas SA, B2W Digital Lux and JSM Global. They are responsible for brands such as Lojas Americanas, Americanas.com, Submarino, Shoptime, Hortifruti, among others.
