© Reuters Rio court overturns secrecy of lawsuits involving Americana’s case
Judge Paulo Assed Estefan, holder of the 4th Business Court of the Court of Justice of the State of Rio de Janeiro, determined this Saturday, 11, the end of secrecy involving the processes related to the judicial recovery of Americanas (BVMF:) and also released the details of a special financing that the retail network seeks, known as DIP.
“The information regarding the investigation carried out by Preserva-Ação Judicial Administration, lawyer Bruno Rezende, and the Zveiter Advocacy Office on the accounting inconsistencies presented by the Americanas Group will be made available for public consultation”, emphasizes the magistrate’s decision.
The judge also released consultation on the details of DIP financing, a specific type of loan for companies with financial problems. In February, the Justice of Rio approved a loan of R$ 2 billion, of which the reference shareholders of Americanas, Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles, had committed to allocating R$ 1 billion. The remainder would be raised on the market, but the detailing was so far under wraps.
In recent days, the trio increased the value of the capitalization they plan to make in the network, to R$ 10 billion, already including the DIP in this value. The banks, however, have not yet reached an agreement, as they want a larger amount, around R$ 15 billion.
In the decision to overthrow the secrecy, the judge claims to have taken into account “the relevant economic and social interest involved” in the judicial recovery of Americanas, which announced in January a breach of BRL 20 billion and debts that exceed BRL 40 billion.
In this Saturday’s decision, Judge Paulo Assed Estefam, also determined that the registry office of the 4th Corporate Court register all lawyers qualified by the creditors of the Americanas Group so that they can be subpoenaed and, thus, accompany the decisions rendered in the court-supervised reorganization proceedings .
Americanas has not yet commented on the decision of the Rio court.