At the outset, a brief summary of what the judicial recovery. Well then, it is a legal instrument aimed at companies that are in a time of financial crisis, looking for a way to carry out agreements between all creditors and the company, so that everyone has their debts duly settled, with the Justice accompanying and supervising this procedure.
So, this Thursday, the 19th, the Americans had its request for judicial recovery accepted by the 4th Corporate Court of Rio de Janeiro. In a decision by judge Paulo Assed Estefan, the company will have 48 hours to submit a list containing details of the debt and all creditors.
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Initially, the debt of Americanas was estimated at more than R$ 20 billion, however, upon filing the lawsuit, the declared debt was R$ 43 billion, a much higher amount than previously disclosed. In addition, around 16,300 creditors were filed by the company.
“It is one of the largest and most relevant judicial reorganizations filed so far in the country, not only because of its liabilities, but for the entire market repercussions that the applicants' crisis situation has been causing and for all the social aspects involved, given the large number of creditors, direct and indirect employees dependent on the business activity now protected, as well as the relevant volume of wealth and taxes generated", justified the magistrate.
The company had claimed to have only R$800 million in cash, most of which was “unjustifiably unavailable for handling”. Thus, Estefan decided that the banks must comply with the decision that suspends the collection of any debt from Americanas for 30 days. Some of the company's creditors appealed, seeking to reverse the injunction granted by the Court.
Despite the judicial measure, Americanas says that some banks, such as Bradesco, Votorantim, Itaú and Safra, did not comply with the decision, deducting amounts directly from the company's current accounts.
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