Americanas investors reject retailer’s recovery plan

[ad_1]

Under this plan, holders of the company’s debt would have to accept discounts of at least 70% on the amount owed by the company. The matter should be discussed again at the end of this month. Lojas Americanas in downtown Vitória Álvaro Guaresqui/TV Gazeta The holders of Americanas’ debts expressed their opposition to the retailer’s judicial recovery plan, according to the minutes of debenture holders’ meetings released on Thursday (1st). Debenture holders gathered in four assemblies unanimously rejected the plan, which was presented at the end of March. Under this plan, holders of the company’s debt would have to accept discounts of at least 70% on the amount owed by the company. The company’s bond and debenture holders control nearly R$11 billion of Americanas’ debt. The assemblies guide the administrators before the official vote on the recovery plan, which has not yet been set. “100% of the debenture holders present and eligible to vote disapproved of the recovery plan”, according to the minutes. The matter should be discussed again at the end of this month. Americanas’ main creditor banks stated a few weeks ago during their first-quarter earnings releases that they expected an agreement with the company on debts this month. Thomas Felsberg, a lawyer representing Americanas’ debenture holders, said that some are not satisfied with the recovery plan presented so far. In a statement to the market, Americanas said it maintains efforts to build consensus on the recovery plan, which is still subject to revisions and adjustments.

[ad_2]

Source link