Lemann, Telles, and Sicupira hire Rotschild to orchestrate defaults on Americanas creditors

247 – Lojas Americanas announced Monday (16) that its board of directors has appointed Rothschild & Co to work on debt renegotiations, in Brazil and abroad. One of the shareholders in Americanas is 3G Capital, formed by Lemann, Marcel Telles and Carlos Alberto Sicupira.

Americana found accounting discrepancies worth R$20 billion linked to the supplier’s account.

In a petition, BTG Bank, a R$1.2 billion creditor to Americana, asked the judiciary Suspension recovery recovery of the company on the basis of the presence of fraudulent management of the company.

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Americanas (AMER3) reported Monday that its board has hired Rothschild & Co. to serve as the company’s interlocutor on debt renegotiations, both in Brazil and internationally.

“Americana reinforces its commitment to seek a short-term solution with its creditors,” he said in a physical statement to the Brazilian Securities and Exchange Commission (CVM).

Americana shares fell 41.59%, at 1.84 riyals, on Monday, before negotiations were suspended due to the fundamental fact.

On Friday, the company won a landmark court decision that protects it for 30 days against early maturity of debt, a period the retailer can use to reach an agreement with creditors or file for bankruptcy.

On Monday, credit rating agency Moody’s downgraded Americana’s credit rating from “Ba2” to “Caa3” and placed the rating under review for further downgrade, following a move by peers Fitch and Standard & Poor’s last Friday.

According to Moody’s, bonds rated “Caa” are speculative with a low rating and are subject to very high credit risk. The Ba rating also represents liabilities that are considered speculative but are subject to significant credit risk.

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