Banks want to annul Americanas’ judicial recovery – 01/24/2023 – Market

Santander and Safra banks went to court to ask for the annulment of Americanas’ judicial reorganization process (RJ), requested and granted last Thursday (19).

According to documents to which the Sheet had access, Safra filed an interlocutory appeal with the TJ-RJ (Court of Justice of the State of Rio de Janeiro) last weekend, requesting the suspensive effect of the judicial reorganization. The judge on duty, Maria Isabel Paes Gonçalves, stated, however, that the decision was not up to the judiciary.

The case ended up with the judge Leila Santos Lopes who, this Monday (23), denied Safra’s request.

On Monday, Safra appealed to the Special Body of the Court of Justice of Rio, also requesting to benefit from the writ of mandamus filed against Americanas by BTG last week, which allowed the bank to withhold R$ 1.2 billion from the retailer’s account at the institution . In the case of Safra, the value is R$ 95 million.

By decision of RJ, Safra, Bradesco, Votorantim and Itaú should unlock the amounts retained in Americanas’ accounts at the respective banks.

The judge, judge Flávio Marcelo de Azevedo Horta Fernandes, from the District of Volta Redonda, the same person who granted the injunction to BTG, will analyze the case to decide whether to extend the effects of the decision. Until then, the R$95 million in Americanas’ account at Safra may remain blocked.

Santander also filed this Monday (23) with an interlocutory appeal with a request for suspensive effect against RJ da Americanas. For the bank, what happened to Americanas derives from fraud in its balance sheets, which does not justify the request for judicial recovery.

For lawyer Filipe Denki, a specialist in judicial recovery at Lara Martins Advogados, it is unlikely that banks will be successful in this case. “What is sought with the judicial reorganization is the preservation of the company’s economic activity — and not of the businessmen, controllers and shareholders”, he says.

“Eventual fraud will already be investigated within the scope of the CVM [Comissão de Valores Mobiliários] and the Federal Public Ministry. If fraud is proven, judicial measures will be taken, including the criminal liability of administrators”, he says. “But this will not prevent judicial recovery, the request cannot be prevented by this argument.”

Santander has BRL 3.7 billion in drawn risk operations with Americanas (which involve advances to suppliers), while Safra has BRL 2.5 billion. With the judicial recovery, banks enter the list of creditors.

wanted by SheetSantander informed that it does not comment on sub judice cases, as well as Safra.

Americanas did not speak about the case.