SAO PAULO, Jan 18 (Reuters) – Brazilian financial institution BTG Pactual obtained a court docket choice on Wednesday overturning a part of Americanas SA’s (AMER3.SA) safety from collectors, based on court docket paperwork seen by Reuters, in a transfer the retailer says “harms its viability”.
The choice of attraction choose Flavio Horta Fernandes reversed a earlier order that BTG Pactual return cash it obtained from the corporate’s accounts with the financial institution to pay for a credit score line.
BTG confirmed the choice in a securities submitting, however didn’t give particulars.
Americanas informed Reuters in an announcement that the “unilateral motion taken by its collectors harms its viability”, including it was nonetheless looking for a short-term resolution for its collectors.
Americanas revealed final week nearly $4 billion in “accounting inconsistencies”. Its chief govt and chief monetary officer resigned. Shares of the retailer have plunged greater than 80% this month.
Afterward Wednesday, Brazilian lender Bradesco (BBDC4.SA) stated it had requested a Rio de Janeiro court docket to solely enable Americanas to withdraw funds from the financial institution with prior approval.
Native newspaper O Estado de S. Paulo printed earlier that Bradesco’s petition said that Americanas “could come to file for chapter safety” and, due to this fact, the financial institution’s request was obligatory.
Americanas confirmed that Bradesco withheld greater than 450 million reais ($86.77 million) from the corporate’s money place, “performing in disagreement with the injunction” the retailer had obtained defending it from collectors.
($1 = 5.1863 reais)
Reporting by Tatiana Bautzer, extra reporting by Carolina Pulice, modifying by Chris Reese and Himani Sarkar
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