NY court accepts Americanas’ request to extend the effects of the judicial reorganization to the US

NY court accepts Americanas’ request to extend the effects of the judicial reorganization to the US

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Company wants to protect assets in the US after a request for judicial recovery already made in Brazil. A New York judge this Thursday (26) granted Americanas’ request for protection against creditors, according to a document to which Reuters had access. Americanas asked on Thursday for an extension of the protection effects ensured in its judicial recovery process in Brazil, in a process known as “Chapter 15”. “The requested relief is necessary and adequate to effectively administer the Chapter 15 proceedings and the provisions of the Bankruptcy Code,” Judge Michael E. Wiles of the Bankruptcy Court for the Southern District of New York said in the order. With the request, the company mainly intends to suspend payments to creditors in that country. ALSO READ: Americanas: Justice determines search and seizure of executives’ emails to investigate possible fraud From banks to toy manufacturers: see Americanas creditors Who are Lemann, Telles and Sicupira, the ‘owners’ of Americanas, and where they come from their fortunes From street shop to retail empire: see Americanas’ history in the country See the chronology of the case, from ‘accounting inconsistencies’ to judicial recovery All about the crisis at Americanas On January 19, the Brazilian retail giant filed a request of judicial recovery at the 4th Corporate Court of Rio de Janeiro. The request, made on an urgent basis, serves to maintain the company’s solvency just eight days after the discovery of an accounting defect of R$ 20 billion in its corporate balance sheets. On the same date, the company announced that it has only R$800 million in cash, which makes the operation unsustainable. By way of comparison, the amount is significantly lower than the R$ 8.6 billion reported in the third quarter of 2022. Americanas files for judicial recovery; understand how it works Crisis The ‘crisis’ in Americanas began on January 11, when the company disclosed a material fact informing that it had identified “inconsistencies in accounting entries” in corporate balance sheets, in an amount that would reach R$ 20 billion. In other words, Americanas realized that the billionaire value — which refers to the first nine months of 2022 and previous years — had not been properly recorded. In addition, the text reported that the company’s president, Sergio Rial, left office just 9 days after taking over. The company’s chief financial officer, André Covre, also resigned – he had taken office alongside Rial. Creditors This Wednesday, Americanas handed over its list of creditors to the Court, with total debts of R$ 41,235,899,286.62, and 7,967 names. Among those who have receivables are banks, toy manufacturers, book publishers and even the auditor of the company’s own balance sheets.

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