A Americans (AMER3), in judicial recovery, closed the month of October with a final available liquidity of R$ 1.104 billion, 7.62% lower than that recorded in the previous month, according to the company’s monthly activity report released by judicial administrators.
According to the document, the The American debt in October it was R$21.177 billion. In American currency, the debt amounted to $1.068 billion. The data does not include bank debt associated with the withdrawn risk.
In October, as has been the case since July, there were no disbursements for the payment of debts. Over the past 12 months, the company shelled out R$891.234 million to pay off reais debt and $20.675 million to pay off dollar debt.
The document explains that payments recorded starting from February 2023, after the approval of the judicial recovery of the Americansrefer to the amortization and interest installments of the loan with the Finame.
The total invested by American group in October 2023 it was R$14,589 million, well below the R$24,948 million invested in September. In October, the American digital channel did not receive investments.
The average lifespan of the products in American stocks in October there were 125 days, which represents a decrease compared to the 127 days recorded in the previous month. In October, the deadline for receiving customers remained at 37 days.
The document also informs that Americanas ended October with 1,759 stores, compared to 1,779 opened at the end of September. The company closed 121 stores in the period between January and October, for a total of 123 store closures over the past 12 months.
The number of active American customers at the end of October there were 42,052,085, 0.78% lower than the number of customers maintained at the end of September.
Americanas (AMER3) Closes Deal With Some Creditors; learn more
In a major development earlier this week, Americanas reported that it had signed a binding agreement to support its judicial reorganization plan with creditors holding more than 35% of the company’s debt.
Americanas explained that it will present an amendment to the Judicial Recovery Plan (PRJ) at the Court of Rio de Janeiro.
In addition to the supporting creditors who signed the American judicial recovery planother creditors who participated in the recent negotiations have already expressed their interest, on a non-binding basis, in supporting the plan, and are conducting internal approval processes to also join the company.
The proposed plan, which will now be voted on during the general meeting of creditors scheduled for December 19 (AGC), provides for the capitalization of R$24 billion, of which R$12 billion by American key shareholders – Jorge Paulo Lemann, Marcel Telles and Beto Sucupira – and another R$12 billion in bankruptcy debt conversion by creditors.
Americanas believes that more than 50% of creditors will adhere to the PSA (Plan Support Agreement) until the AGC is held.
“This settlement represents an important milestone in our judicial recovery process and significant progress for Americans on the path to our goal of emerging as a stronger and more competitive society, preserving the important economic activity it represents and the thousands of direct and indirect revenues generated throughout the country,” commented Leonardo Coelho, CEO of the retailer.
Main terms of the Americanas judicial recovery plan
The addition to Americanas’ judicial recovery plan presents an evolution of some terms of the plan published in March.
These include priority payment to creditors who agree to receive up to R$12,000 up front in a single installment, immediately after plan approval, as well as special alternatives for class 3 supplier creditors.
Furthermore, R$8.7 billion will be reserved for the payment of America’s financial creditorsvia reverse auction (R$2 billion) or prepayment of discounted credits (R$6.7 billion).
OR American PSA signed with the creditors also entails as a condition precedent that the company obtains, by the date of the AGC, the approval of the board of directors for the amended PRJ to establish the capitalization price per share.
If all the necessary authorizations are obtained, and given that every three shares issued as part of the capital increase will be recognized a subscription premium with an exercise price of symbolic value (R$ 0.01), the issue price of each share will correspond to 1.33 times the average market price per volume traded in the last 60 days up to the day before the date of the meeting.
In this negotiation with creditors, Americanas also managed to secure a line of bank guarantees worth 1.5 billion reais, available for two years after the plan is approved or while the company is under judicial supervision.
You America’s financial creditors Those who offer this guarantee will have priority access to a share of R$1.5 billion of the R$6.7 billion advance foreseen in the PRJ.
After the execution of the modified plan, the gross debt of the company Americans will be R$1.875 billion.
Source: Terra
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