Americanas: Billionaires may be prevented from selling shares – 06/13/2023 – Market

Americanas confirmed in a statement to the CVM (Comissão de Valores Mobiliários) that the negotiations with creditor banks include a clause that prevents its reference shareholders from selling their shares for a certain period.

The measure was anticipated this Monday (12) by Bloomberg and confirmed by Sheet. According to sources, the impediment period for the sale of shares would be three years. The company, however, does not confirm the deadline.

The reference shareholders are the trio of billionaires Jorge Paulo Lemann, Marcel Telles and Beto Sicupira.

In the statement to the CVM, Americanas says that the implementation of a “lock-up” clause, as the impediment to the sale of shares is known, is part of “a broader negotiation” with creditors. “A
The scope of this ‘lock-up’ is still under discussion within the scope of the broader agreement”, he says.

The lock-up would have already been accepted by the trio, but the hammer has not yet been hammered on the period, according to sources close to the creditors.

“Although there is still no consensus with its financial creditors in relation to the last proposal presented, the company remains committed to maintaining constructive negotiations with its creditors in search of a solution that allows the continuity of its activities”, continues the text.

When the agreement is completed, says Americanas, all of its content will be disclosed to the market. The trio of billionaires pledged to contribute BRL 12 billion as part of negotiations with creditors.

The big banks have about R$ 24 billion to receive from Americanas and part of the debts will be converted into shares in the retailer. In this way, the lock-up guarantees that the trio of billionaires will not leave a company in difficulty in the hands of the new partners.

This Tuesday (13), almost five months after the disclosure of the accounting scandal that started the retailer’s crisis, Americanas assumed that its financial statements had been defrauded by the previous management.

The report was based on documents from the independent investigation committee, which was created in late January. Americanas claims that the fraud occurred in the alleged contracting of bonuses with the industry – a common practice in retail, when manufacturers give discounts for large orders.

But these discounts did not actually occur. With the supposedly advantageous negotiations, the company improved its balance sheet. On the other hand, to meet payments to suppliers, it took out loans and increased its liabilities.