Last week, Americana obtained permission from the court administrator to pay workers and suppliers, including lawyers
Safra requested from justice that the debts of workers and suppliers be paid immediately The Americans is suspended. Last week, the retailer agreed with a judicial recovery process officer on priority debt relief with employees, businesses, and Class 1 and 4 creditors.
According to the bank, law firms defending Americana will be considered first in lawsuits, particularly in business suits. Paying attorneys does not justify the “social interest” that the retailer claimed to defend, when it requested priority payment for such classes.
Payment will be a reflection of the steps in the judicial recovery process. Generally, companies undergoing restructuring offer a debt settlement plan. In this plan, workers and SMEs are given priority over creditors such as banks.
Accordingly, Americana will seek to repay the debt before approving the judicial recovery plan, which will not be allowed, according to Safra.
The amount that can be paid is about 200 million Brazilian reais. Americana’s total debt is estimated at R$42.5 billion, but that number is expected to rise in the coming weeks.
Equity shield
To pay suppliers and workers, Americana will use part of the resources obtained in the R$1 billion bridge loan with the main shareholders, the trio of billionaires Jorge Paulo Lehmann, Beto Secubera and Marcel Telles.
Safra claims that the attempt to bypass workers and suppliers before the rest of the creditors aims to “protect the assets of the auditors of companies subject to reorganization (Americana) from the risk of being directly affected in the field of work, by ignoring their legal personality.”
With an estimated fortune of more than R$100 billion, the retailer’s three shareholders can be held liable in the area of individuals and their equity affected by Americana’s debt settlement. In addition to their stake in the retail company, they are partners in Ambev, Kraft Heinz, and Burger King.
In addition, the bank says that prepayment may reduce the quorum for the general meeting of creditors, because suppliers and workers represent the largest classes. If prepayment is considered, they may not attend the assembly, preventing approval of a debt repayment plan.
Safra is not the first to question Americana’s decision to prioritize repaying part of its debt. Last week, Bradesco actually filed a similar lawsuit.
