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Americanas’ creditor questions advance payment to debenture holders

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With R$2 billion in accounts receivable, Safra bank has asked a court to investigate why Americanas paid R$1 billion in advance to debenture holders shortly before filing for a court-supervised reorganization of its R$43 billion debt. These securities were supposedly settled three years before maturity, on the same day Americanas disclosed its accounting inconsistencies in mid-January.Americanas disputes this claim, saying that the schedule for the prepayment, as well as the notification to the debenture holders, was made last December, in a decision made by the former board of directors. The company claims that the amount paid was not R$1 billion, which would have been the total value of the issue, but R$216 million. "The unpaid debts are included in the general list of creditors in the context of the judicial reorganization," the retailer said in a statement.In a petition incorporated into Americanas’ reorganization court files, Safra stated that it is in its interest as a creditor to find out how the fraud happened."Banco Safra has every interest in finding out how this gigantic accounting fraud was accomplished, especially so that, given the clear signs of illicit practices, it can pursue those responsible for this fraud, as well as determine the regularity and assertiveness of the court-supervised reorganization, preventing injustices from being committed," the document saw by Valor said.The lender mentioned a "suspicious and peculiar conduct" by Americanas which deserves the court’s attention. "This question is justified as the credits arising from this issue were ‘strangely and coincidentally’ paid in advance and settled (in part or in full) on the same day of the notice of material fact was released, that is, one day before the filing for the provisional measure request," the petition said.Safra claimed that the credit owed to debenture holders would be subject, like other debts, to the effects of judicial reorganization. "It is strange that the company reports a liquidity crisis proven by a fraud in its accounting (via material fact) and on the same day it settles in advance a debenture in part or in full, with future maturity and which would naturally be subject to the effects of the restructuring of liabilities," Safra argued.It also pointed out in the document that...

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