Americanas went bankrupt? How the retailer can keep operating – 01/18/2023 – Vinicius Torres Freire

A representative of one of the banks that will take a skewer from Americanas says that “now, it is necessary to tighten the company and make its major shareholders assume responsibilities, enough so that the company does not run away with the money [sic]but not so much, to the point that the company ceases to be operational”.

It is common knowledge that the larger banks, at least, want to prevent Americanas from withdrawing from their bank accounts without supervision and control, without explaining what they are going to do with the money (who they are going to pay, if so, for what reason, etc.). BTG Pactual, for example, obtained a provisional judicial decision in this regard this Wednesday.

The situation, however, is at a crossroads at the moment. Banks in practice went to Americana’s throat in order to protect themselves (“so they don’t run away with their money”). They are treating Americanas people like dangerous people.

On the other hand, as one of these banks obviously recognizes, with a small amount of cash, no credit, at risk of supplier leakage and without any agreement, judicial or other at least provisional arrangement, the company may cease to be operational. That is, not having money to finance your day-to-day activities (to order goods, for example).

Moreover, it is also obvious, if the collection is really in the jugular, with advance payment of debts, Americanas becomes insolvent, which makes no sense to anyone. In the summary of the opera, without a judicial recovery or a miraculous and instant donation from the current shareholders, there is no way out.

The strategy, says this representative of one of the banks, is to force some sort of commitment from larger shareholders. In other words, an attitude by the trio Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira (about 31% of the shares) or, more unlikely (says the bank’s representative), by the big money managers Capital Group, TIAA and Blackrock (about of 21%). That is, they would have to bring in new money and sell assets, such as the Natural da Terra fruit and vegetable company, purchased in 2021, to give a greater example, and cease investments.

This journalist, at least, was not told more about the state of negotiations, even between creditor banks, which would have to agree on a strategy, recognizes the bank’s representative, in order to “not precipitate inappropriate results, which are not in the interest from anyone”.

A bigger and obvious problem for organizing an agreement or strategy is the very fact that the size of the hole is not even known, the debt camouflage, and that those responsible for the fraud and its details are not known.

“How do you negotiate with someone who may have committed a scam? What is the nature of the irregularities? All of this causes difficulties and legal doubts about the whole process”, says the representative of the bank that is the creditor of Americanas. However, a solution is required within days or hours.

For the rest, the roller can follow new paths. report of this Sheet showed that one third of Americanas bank debt is with public institutions. The company’s red parrot with all the banks would be around R$ 20 billion.

The size of the problem with public financial institutions should drive the government into the mix – it will be held accountable for what it does about the matter from now on, even if it had nothing to do with the reel.

The situation can even get complicated, as there tends to be a political spice. Thus, the case should also be subject to Congress. On the other hand, it could be an incentive for this gross scandal not to end with an agreement and “adjustment of conduct”.

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