On March 27th, last Monday, the business conglomerate Petrópolis, which owns several brands of beer, including Itaipava, Crystal and Petra, filed for bankruptcy in the state court of Rio de January.
According to the company's defense, its debts total BRL 4.2 billion, of which 48% are financial debts and the other 52% are with suppliers and third parties.
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On the following day, Tuesday, the Court granted an urgent precautionary measure to the group, ordering the release of its resources by the banks Santander, Fundo Siena, Daycoval, BMG and Sofisa.
In a statement issued as a comment on the court decision, the company said this measure was vital to prevent an "imminent bottleneck in cash flow".
According to the document presented by the group to request judicial recovery, Petrópolis has been facing liquidity problems for a year and a half, due to the drop in its revenues.
In 2022, the company sold approximately 24.1 million hectoliters of beverages, resulting in a 23% drop compared to 2020, used as a comparative parameter.
This reduction represents a 17% drop in your company's gross revenue. In parallel, the expenses of the brewing sector increased, and, according to the Petropolis, this increase was not passed on to the final consumer.
Another factor that contributed to the worsening of the company's problems was the increase in the basic interest rate, known as the Selic, which put pressure on the indebtedness level.
To give you an idea, this increase in interest rates has generated an annual impact of BRL 395 million on the company's cash flow, according to information contained in the petition.
In the final justification of the judicial recovery petition, Grupo Petrópolis claims, through its representatives, that by the end of March 2023 there will be a need to have R$ 360 million in working capital more than expected for the period and, by April 10, this amount will rise to R$ 580 millions.
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