© Reuters.
Investing.com – Common shares of Light (BVMF:) plummeted 14.84% at 10:31 am (Brasília time) this Tuesday, 07, after news that the company could file for bankruptcy protection soon. The shares were quoted at R$2.64.
Column by Lauro Jardim, from the newspaper O Globo, says that the energy distributor will have a “decisive week” and may soon file for judicial recovery. According to the columnist, the company would need financing of R$ 3.3 billion over the next two years.
Beto Sicupira, one of Americanas’ (BVMF:) reference shareholders, who recently filed for bankruptcy, owns 10% of Light.
Last week Fitch, the risk rating agency, downgraded the rating of Light and its subsidiaries Light Serviços de Eletricidade and Light Energia to ‘CCC+’, from ‘BB-‘. Fitch also downgraded the National Scale Ratings to ‘CCC(bra)’ from ‘AA-(bra)’.
“The downgrade reflects a substantial credit risk for Light in the timely payment of principal and interest on its obligations following the announcement that it had hired Laplace Finance with the objective of improving its capital structure, and the strategy in the credit market more restrictive, due to the default of Americanas”, informed Fitch Ratings.
