With majority support, Americana will discuss its judicial recovery plan on Tuesday

a Americans AMER3 is scheduled to determine this afternoon, Tuesday (19), the fate of the fourth largest judicial recovery in the country.

Eleven months after announcing the accounting discrepancies that revealed A Loss of 42.5 billion Brazilian realsthe retailer submitted a preliminary agreement with banks and funds representing about 57% of its total debt – an amount that ignores debt between companies in the same economic group (“inter-company”) -, indicating that the restructuring plan has been majority approved at the meeting. General Assembly of Creditors (AGC) scheduled for 2 p.m.

However, for the RJ plan to be approved, the AGC must receive more than half of the credits for each category (employment, holders of real collateral, without collateral (unsecured) and small and micro enterprises), calculated by the total value of the debt. If the meeting does not register this minimum quorum, there will be a second call on January 22.

Regardless of voting date. The fact is that Americanas already has an agreement on its major debt. The retailer’s five largest creditors – Bradesco, Santander, BTG Pactual, Itau and Safra, which have about R$16.5 billion to receive from the retailer – have signed the document. Banco Votorantim, ABC Brasil and funds managed by BTG and Itaú also joined the restructuring support plan (PSA).

In the wake of nearly a year of crisis, Bradesco, Santander and BTG went to court against the retailer’s judicial recovery, unraveling a series of criticisms directed at Jorge Paulo Lehmann, Marcel Telles and Beto Secupira, the billionaire shareholders of Americanas, but in the end they agreed. To participate in the company rescue agreement.

In the PSA, a contribution of R$24 billion was agreedThe trio of shareholders will put R$12 billion into the company’s cash flow – about R$1.5 billion is already in the company’s coffers through DIP financing (““debtor in possession”in English, corporate line in RJ) before the agreement – while the banks will transfer 12 billion Brazilian reais of credit into Americanas shares.

If the proposal is accepted by more than 50% of creditors this Tuesday, the billionaires will immediately invest 3.5 billion Brazilian reais through bonds maturing in two years. Furthermore, there is an agreement to elect a new board of directors for Americanaz within 10 days of approval of the agreement. Hey blackboard It will still consist of seven members and will operate for a period of two years.

In the PSA, Americanas also strengthened its intention to promote sales of Hortifruti Natural da Terra (HNT) and Uni.co. The resources collected from sales will be used to pay off the debts advanced (so-called “cash sweep”If the number exceeds R$1 billion, the remainder will be used to finance the company’s operations.

The document also states that other isolated production units (UPIs) that were not initially included, such as the operation of physical stores and e-commerce, may be negotiated.

For business debts and debts of small and micro entrepreneurs, Americanas undertakes to repay the credit in full. For other categories, creditors with up to R$12,000 will receive the entire debt. Anyone with a net worth greater than R$12,000 will receive an offer of R$12,000, waiving the excess amount received.

Finally, up to R$8.7 billion will be allocated to pay its financial creditors, through a reverse auction with… Finance Up to R$2 billion advance payment with a discount of R$6.7 billion in resources. Projections indicate that at the end of the judicial recovery process, Americana will have a total debt of R$1.87 billion.