São Paulo (Reuters) – Americanas said on Thursday that it was unable to reach an agreement with its main financial creditors!
After presenting a proposal involving a 7 billion reais capital injection from its reference shareholders, in addition to debt repurchase and conversion.
The 7 billion reais cash injection would be backed by shareholders Jorge Paulo Lemann, Carlos Sicupira and Marcel Telles.
The amount includes 2 billion reais in financing “already contributed” disclosed last week, which would be converted into equity, the retailer said.
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The company also proposed converting approximately 18 billion reais in financial debt, part into equity and part into subordinated debt, and additionally, a 12 billion repurchase.
Americanas filed for bankruptcy protection last month with debts exceeding 40 billion reais, after disclosing accounting inconsistencies of around 20 billion at the beginning of the year.
The presentation of the offer on Thursday was highly anticipated by the market, as it brought together the company, banks and other financial creditors.
Americanas said the plan was presented by its adviser Rothschild & Co.
Americanas shares were up 7.1% on the stock exchange at 2:32 p.m., after being suspended due to the release of the material fact. Earlier, they had risen 8.85%, amid news about the meeting.
The retailer also said it expects to maintain “constructive discussions with its creditors in search of a sustainable solution that allows the continuity of its activities.”
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Reference source: investing.com
