February 6, 2023

Amid the crisis, Americana announces an interim president

The name João Guerra Duarte Neto was announced today by the company’s board of directors. The selection was made at a meeting last Wednesday.

According to a statement from Americanas, he will also serve as an investor relations officer.

Americanas also says that Duarte Neto is currently the (non-statutory) director of human resources and “has an extensive track in the company in the areas of technology and human resources.”

Change occurs in the company in the midst of a crisis caused by contradictions in Fiscal budgets that showed a deficit of R$20 billion.

Americana on Friday won a court order that protects it for 30 days against early maturity of the debt, a period the retailer can use to reach an agreement with creditors or seek judicial recovery. The court’s decision stated a Possible debt of R$40 billion.

In the wake of these events, Americana shares fell again today. At about 11:30 a.m., the company’s shares were down more than 40%.

Understanding the American Crisis

  • On Wednesday, the company announced “discrepancies” of R$20 billion on its balance sheet.
  • On Friday, Judge Paulo Acid Estefan of Rio’s Fourth Business Court granted an urgent precautionary measure, giving the company 30 days to decide whether to order judicial recovery;
  • In the decision, the judge informed that Americana alleged the risk of its creditors requesting early maturity of the debt of R$40 billion;
  • To avoid bankruptcy of the company, the judge stopped this possibility for 30 days.

yesterday, the bank BTG charter appealed in court Against this injunction protecting Americana retailer from creditors.

According to the bank’s attorney, the injunction unlawfully sets aside payments made by Americana to BTG.