Americanas manage to unlock BRL 1.2 billion in BTG’s possession – 01/24/2023 – Market
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The Americanas retailer, which has been undergoing judicial reorganization since the last 19th, managed to unblock BRL 1.2 billion in its account, which were in the possession of BTG Pactual.
On the last 18th, the bank had obtained a writ of mandamus, signed by the judge Flávio Marcelo de Azevedo Horta Fernandes, from the 2nd Criminal Chamber of the Court of Justice of Rio de Janeiro, to withhold R$ 1.2 billion, as a way of protect from a possible default by the retailer. The measure was taken after the Justice of Rio denied two injunctions in favor of Americanas.
The same judge in the decision made public on the night of this Wednesday (24) informs that he reversed the previous decision in view of the “new fact” of the judicial recovery. But he highlights in the sentence that “the resources will be used only for the core activity and under the direct management of the judicial administrators until the judgment of the merits of the writ of mandamus”.
According to Horta Fernandes, the trustee must prove to Justice the “use of resources exclusively destined for the cash flow of the business activity, under penalty of criminal responsibility.”
The magistrate also informs that the 10% fine will not apply to the amount blocked in relation to BTG.
This was not the only favorable decision that Americanas won this Tuesday. Judge Luiz Alberto Carvalho Alves, from the 4th Corporate Court of the Judicial District of Rio de Janeiro, ordered the “online seizure of amounts unduly withheld by Votorantim and Safra banks, including in the ‘stubborn’ modality, with the aim of giving effectiveness and compliance with the judicial determination granted injunction.”
The “stubborn” modality allows an automatic search for assets in the debtor’s accounts continuously for 30 days, in SisbaJud (Judiciary Power Asset Search System).
“It should be noted that the behavior of the aforementioned financial institutions undermines the formation and
maintenance of the working capital of the economic group in the process of recovery, jeopardizing the intended uplift, without forgetting that it can put it in a situation of creditor privilege that should be in the same position as the others”, says the sentence.
“In view of the foregoing, considering the possibility of this court determining the measures it considers
appropriate for the effectiveness of the relief granted (…) I grant the seizure/seizure of the required amounts, which I now block through Sisbajud, in the ‘stubborn’ modality, which must remain deposited in court until a final decision on the amount appropriated by the creditors Bank Votorantim and Banco Safra, all appeals have been exhausted”, says the text.
Today, Santander and Safra tried to annul Americanas’ bankruptcy filing. Safra’s petition has already been denied.
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