Debt of R$4.1 billion must be amortized by the retailer within 78 months
The São Paulo Court approved on Wednesday (June 19, 2024) the extrajudicial recovery plan for the Casas Bahia Group. With this, the retailer now has legal support to negotiate directly with its creditors. Here’s the complete of the material fact disclosed by the company (PDF – 268 kB).
In the decision, judge Jomar Juarez Amorim, from the 1st Bankruptcy and Judicial Recovery Court of the São Paulo Court, dismissed the challenges made by 2 creditors as unfounded: Opea Securitizadora (debenture holder of the retailer) and the Pentagon Securities and Securities Distributor (fiduciary agent for debenture issues). Both requested that the values included in the extrajudicial recovery request be reviewed before approval.
As determined, the recovery plan schedule includes a grace period of 24 months for the payment of interest and a grace period of 30 months for the payment of principal. The total amortization period was set at 78 months (6.5 years), with remuneration of CDI + 1.0% to 1.5%.
“In compliance with the RE Plan [recuperação extrajudicial]the Company will now proceed with its 10th Issuance of Debentures”of R$ 4.1 billion,“in replacement of unsecured financial debts subject to and novated by the RE Planunder the terms and deadlines established there”, informed Casas Bahia in the relevant fact.
The company, which belongs to Via Varejo, presented negative results in the last balance sheets. In the 4th quarter of 2023, it had an accounting loss of R$1 billion, a number 6 times greater than the loss in the same period in 2022, which had been R$163 million.
RECOVERY REQUEST
The Casas Bahia Group announced on April 28 that it had filed a request for extrajudicial recovery to extend the payment of a debt of R$4.1 billion.
The decision complements the transformation plan announced by the retailer in August 2023. Here is the complete of the statement sent to investors (PDF – 338 KB).
In extrajudicial recovery, negotiations are carried out with a selected group of creditors and the plan is approved by the Court only if one of the creditors does not agree with the proposal. The group wants to renegotiate the profile of financial debts it has with Bradesco and Banco do Brasil, among other creditors. Together, the banks hold 54.5% of the credits owed by the retailer in the recovery plan.
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