June 4, 2023

Americana (AMER3) shares rose 16.5% after the armistice with creditors; Marisa (AMAR3) also closed solidly higher for the session

Retailers are on the rise

A session of gains for the shares of the two companies that are facing difficulties in searching for a financial reorganization. Macro also contributes to the rise

InfoMoney team

Shares of Americana (AMER3), which is under judicial recovery, recorded a high session on the stock exchange on Wednesday (12). The night before, the retailer announced that it had agreed with some creditor banks to put ongoing legal disputes on hold, consolidating assets. AMER3 stock closed up 16.50% at R$1.20, after rising as high as 25.24% at R$1.29, at an intraday high. It should be noted, however, that lower face value of assets, which changes in cents, becomes large percentage changes.

Continue after the announcement

The company, which is subject to judicial recovery after disclosing an accounting irregularity of about R$20 billion at the beginning of the year, did not say which or how many banks it had reached an agreement with. Itaú Unibanco (ITUB4) told Reuters the day before that it was one of those institutions, following the related news.

Americana stated that, with the agreement, it expects the parties involved to “focus their efforts on negotiating an injunctive recovery plan that is acceptable to most of the company’s creditors and that makes Americana’s operational future viable.” The company did not say how long the suspension would last.

Continue after the announcement

Creditor banks and Americanas are locked in several legal battles, particularly in courts in Rio de Janeiro and São Paulo, over factors such as providing advance evidence within the scope of investigations of accounting discrepancies revealed by the retailer. The case reached the Supreme Federal Court (STF).

Marissa’s actions (AMAR3) also saw an intraday rally, gaining 9.23% at R$0.71; At the day’s high, the stock rose to R$0.76, or an increase of 16.92%. On the eve, the movement is already up 8.33%. As in the case of AMER3, it is worth considering the lower face value of the assets, which even prompted a statement from the company this week.

On the company’s radar, last Monday night (10), it responded to a question from B3, which found that shares were trading for less than R$1 between February 9 and March 24. Thus, the stock exchange was held until September 27 or the date of the next general meeting of the retail trader to take appropriate measures to raise the price of the securities.

Continue after the announcement

Marissa stated that the restructuring plan, which is already underway, should be enough to get her shares back to trading above R$1.

In terms of actions and schedule, it will continue to monitor its share prices on a daily basis and will evaluate, over the next few months, and within a possible period until the deadline of September 27, 2023, the specific alternatives for the
stock price framing, including conducting a reverse stock split; And if still necessary, the reverse split of the Company’s stock will proceed, in accordance with B3 guidelines and shareholders’ meeting resolutions, until the deadline, as indicated by the retailer.

It should be noted that, still on the sector’s radar, seeing a closer decline in Selic after IPCA’s lower-than-expected inflation data, which will be beneficial for retailers. Moreover, the news that the IRS It will end the rule that exempts international shipments of less than $50 (about R$250) from taxes.

(with Reuters)