05/23/2024 – 20:02
Businessman Josué Gomes da Silva, president of Fiesp, asked to leave the entity the day after his company, Coteminas, filed a request for judicial recovery. The company went to court on May 9 with debts of almost R$2 billion. The information about the removal, confirmed by the Estadão/Broadcast (Grupo Estado’s real-time news system), it only became public this Thursday, 23rd.
The 40-day leave request was made so that he could dedicate himself to his own company, according to the businessman’s press office.
At the beginning of the month, Coteminas reported in a relevant fact that the Court granted, as a matter of urgency, the suspension of the group’s debt collections due to an approved request for judicial recovery (RJ). The request was motivated by an early maturity of debentures charged by the FIP Odernes fund, which requested access to shares in Ammo Varejo, a subsidiary of the group, as guarantee for non-payment of debts.
According to Coteminas, the company has had its business negatively impacted by the combination of adverse factors that have led to financial difficulties since the end of the pandemic. In this sense, the request for judicial recovery was requested to guarantee the preservation of the activities of the company and its subsidiaries “which would be subject to irreparable damage”, according to the relevant fact.
RJ involves Coteminas and its subsidiaries, Ammo Varejo and Springs Global. The group has been trying to resolve financial problems in recent years.
Ammo, responsible for the retail operations of the Mmartan, Artex and Santista brands, tried to go public in 2021, but with the closure of the market, which has not reopened to date, the plan was shelved.
In June 2022, Ammo attempted to raise R$300 million in a private debenture issue. The papers were convertible into shares, with a term of 5 years, therefore maturing in 2027.
Of this total, he managed to invest R$180 million, which remained with Odernes Fundo de Investimento em Participações Multiestratégia.
In March 2023, Coteminas was unable to fulfill financial obligations (covenants) relating to these securities, as explained in notes in its balance sheet for the first quarter of 2023, the last published since then. In the explanatory notes, Coteminas highlights that the unpaid obligations became liabilities on Ammo’s balance sheet.
According to the debenture contract, breach of covenants may trigger early maturity of the securities. And that’s what Odernes did now, after rounds of conversations with the controllers.
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