Justice suspends payment to 1,300 creditors of Lojas Americanas

Round 1,300 staff and small and medium-sized suppliers at Lojas Americanas will be unable to obtain R$ 192.4 million in debt funds. Decide Leila Santos Lopes, from the Courtroom of Justice of Rio de Janeiro (TJRJ), suspended the retailer’s proposal, in judicial restoration since January, to prepay commitments to those collectors.

The Justice of the Peace accepted the enchantment of Banco Safra. The establishment claims that Lojas Americanas can solely pay money owed after the approval of a judicial restoration plan, which is predicted to happen solely on the finish of March. Final week, Bradesco financial institution had additionally requested the suspension of fee, however had the request denied by the Justice.

Within the resolution, the decide wrote that solely the Normal Assembly of Collectors of Americanas can determine the order of fee of money owed. “So far, there isn’t a judicial restoration plan. On this course, the reorganization regulation proclaims (…) it’s as much as the Normal Assembly of Collectors to deliberate on the approval, rejection or modification of the judicial restoration plan introduced by the debtor”, she justified.

For Leila Santos Lopes, the fee of solely a portion of the collectors might trigger irreparable injury to the Americanas Group’s judicial restoration course of itself. Thus, she suspended the fee till the choice on the deserves of the enchantment.

“Furthermore (in the identical means), there’s additionally a danger of irreparable or troublesome to restore injury, for the reason that early and full fee of lessons 1 (staff) and 4 (small and medium-sized firms), in actual fact, constitutes an irreversible measure. For all of the above, I grant the request for suspensive impact to the appealed resolution, till the judgment on the deserves of this enchantment”, added the Justice of the Peace.

Lojas Americanas appealed the choice. The corporate thought of the arguments introduced by Banco Safra to be “completely unreasonable and even distorted”. The group claims that the monetary establishment didn’t point out how a lot loss it might have taken. In accordance with the retailer, the advance fee to labor collectors and small suppliers would preserve a whole manufacturing chain in operation.

Historic

In judicial restoration for greater than a month, Lojas Americanas faces a disaster for the reason that revelation of “accounting inconsistencies” of R$ 20 billion. Later, the group itself admitted that money owed might attain R$ 43 billion.

Final Tuesday (7), Lojas Americanas proposed a contribution of BRL 10 billion to creditors by the reference shareholders: the trio of billionaires Marcel Telles, Beto Sicupira and Jorge Paulo Lemann. The events, nonetheless, didn’t attain an settlement.

The contribution features a financing of R$ 2 billion. Companions of 3G Capital, the trio had management of the group till 2021. Though they disposed of a part of the shares, the billionaires remained the most important particular person shareholders within the firm.