In an interview with journalist Marcela Villar, from the Estadão group, Dr. Marcos Martins da Costa Santos and Dr. Jayme Petra de Mello Neto commented on the case of the retail company Americanas, which became known throughout Brazil after fiscal inconsistencies pointed to a R$20 billion shortfall linked to suppliers’ accounts.
Yesterday, the company filed for judicial reorganization, which was approved and, as of the approval, the company has 60 days to present a plan to the courts.
The version presented may be adjusted during the process, as Dr. Jayme Petra, the firm’s legal coordinator, explains: “This plan is draft zero, it can be changed several times and, in theory, the plan must be approved within 180 days of the filing, which can be extended by a further 180 days”.
It is also possible that the judge will order the release of BTG’s R$1.2 billion, which was obtained through an injunction.
According to Dr. Marcos Martins: “With the process in place, there is an idea that the reorganization court’s rationale for judicial reorganization is prevalent, in other words, the judge can say that this amount is essential for the company to survive during this period, and this empties the discussion of BTG’s claim”.
The case continues to unfold and there is no expectation of when it will be finalized.
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