01/21/2024 – 8:00
The country's pension funds suffered a loss of R$956 million due to the Americanas crisis, which began in January last year. However, a good part of this total can be recovered over the next few years: if the company's judicial recovery plan, approved by creditors in December last year, is followed, it is estimated that up to 60% of the value can be recovered, an amount relatively high in processes of this type. The estimate on losses is from the National Superintendence of Complementary Pensions (Previc), a federal government body that supervises the country's pension funds. The value refers to the devaluation of securities issued by the retailer, which requested judicial protection after the revelation of a accounting fraud that was later valued at more than R$25 billion.
Exhibition includes stocks and debt securities
Pension funds had exposure to Americanas through debt securities or funds that invested in company shares. The recovery perspective is based on the plan approved by the company in court. Financial creditors will be able to receive payment from Americanas with a discount of at least 70%, or convert part of the debt into shares, another part into new debt and receive the remainder in cash.
Recovery must happen in the long term
Pension funds will have to exercise the ability to think in the long term: the repurchase has a deadline of 2039 to be paid off; when converting into shares, creditors will have to wait three years to clear the position. And they will also have to count on an appreciation of the shares to above the R$ 1.30 that each of them will receive upon capitalization, which will total R$ 24 billion.
Although the loss was considerable, it did not result in an effective loss of money in most of the market. There were only seven cases of possible management problems related to the sale of Americanas shares before the approval of the judicial recovery, which opens the prospect of a greater recovery of lost values.
Furthermore, the impact on beneficiaries was relatively small. Despite the volume totaling almost R$1 billion, it is only 0.8% of the sector's assets. Pension funds have more than R$1.2 trillion in assets.
Who is it
Previc supervises so-called closed pension entities, in which the participants are employees of a specific company. This category includes Previ, the pension fund for Banco do Brasil employees which is the largest in Latin America, Petros, from Petrobras, Funcef, from Caixa Econômica Federal, and Valia, from Vale, among others.
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