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☆ Brazil's securities watchdog agrees to 'plea bargain' on Americanas' probe
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

People walk in front of a Lojas Americanas store in Brasilia, Brazil January 12, 2023. REUTERS/Ueslei Marcelino/File Photo Acquire Licensing RightsCompanies Americanas SA - Em Recuperacao Judicial FollowSept 29 (Reuters) - Brazil's securities watchdog CVM said on Friday it has approved a mechanism similar to a plea bargain for cases related to bankrupt Brazilian retailer Americanas (AMER3.SA), in the midst of a billion-dollar financial fraud probe. The content obtained through the agreement would also facilitate and speed up investigations, the CVM added. There are at least 23 procedures against the Brazilian retailer, according to CVM, including two sanctioning proceedings, when accusations were made. This is the first time CVM has used such a mechanism to investigate a company.

Persons: Ueslei Marcelino, CVM, Carolina Pulice, Michael Perry Organizations: REUTERS, Americanas, Thomson Locations: Brasilia, Brazil

☆ Ex-CEO of Brazil's Americanas says he did not expect to lead bankrupt firm
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Aug 22 (Reuters) - The former head of Brazilian retailer Americanas (AMER3.SA) quit two weeks into the job because he had not expected to take over a bankrupt firm, he told Brazilian lawmakers probing its $5 billion accounting fraud on Tuesday. Former Chief Executive Sergio Rial, who testified in a congressional investigation, resigned on Jan. 11, the same day Americanas revealed accounting inconsistencies that were later found to be fraud. I did not buy into an insolvent project," he told lawmakers, saying he had not expected Americanas' debt to exceed its assets. Rial in March testified before senators saying Americanas' previous management had created difficulties in disclosing information about the company's situation and the succession process. Reporting by Carolina Pulice and Peter Frontini; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Rial, Rial, Americanas, Carolina Pulice, Peter Frontini, Cynthia Osterman Organizations: SA, Jan, Santander Brasil, 3G, Thomson

☆ Brazil's Americanas rushes to produce new financials, strike deal with debt holders
▼ + stars: | 2023-06-22 | by ( Carolina Pulice | ) www.reuters.com time to read: +3 min

Americanas, which filed for bankruptcy protection in January after uncovering 20 billion reais, some $4 billion, in accounting fraud, is now negotiating changes in the plan to win over debt holders who have previously indicated they would reject it. Americanas said in a securities filing it expected to disclose its previous financial information by August 31. With almost 11 billion reais ($2.31 billion) in Americanas debt in hand, the debt holders are considering demanding smaller haircuts than the roughly 70% the restructuring plan calls for and additional compensation for their losses, according to two sources close to the matter. "Most of the (debt) can't be converted into shares - for pension or credit funds, there are legal restrictions, said Adriano Casarotto, a credit manager at Western Asset which holds 300 million reais in Americanas debt. In a statement, Americanas said it remains "committed to its creditors" to build a consensus on its recovery plan and that is still subject to adjustments.

Persons: Americanas, Leonardo Coelho, Adriano Casarotto, Carolina Pulice, Anthony Esposito, Diane Craft Organizations: MEXICO CITY, Americanas SA, Americanas, Western, Thomson Locations: MEXICO

☆ Ex-CEOs at Brazil's Americanas did not make proper accounting disclosures - regulator
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, June 5 (Reuters) - Brazil's securities regulator has accused two former CEOs of retailer Americanas of failing to comply with information disclosure requirements following an investigation into the firm's accounting inconsistencies, the agency said. According to a document from securities regulator CVM made public on Monday, the two ex-CEOs, Sergio Rial and Joao Guerra, also failed to meet other obligations on informing investors. Americanas entered bankruptcy protection in January after uncovering around $4 billion in accounting inconsistencies. Americanas said in a statement that it was monitoring the CVM investigation and hoped any irregularities would be "duly clarified". The company did not mention the accusations against Guerra in its statement and he did not respond to a query via LinkedIn.

Persons: CVM, Sergio Rial, Joao Guerra, Rial, Guerra, Americanas, Andre Romani, Carolina Pulice, Jamie Freed Organizations: SAO PAULO, Thomson

☆ Brazil's Americanas to seek bidders for fruit and vegetable unit
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, May 18 (Reuters) - Brazil retailer Americanas SA (AMER3.SA) said on Thursday it will next week start to seek potential bidders for the acquisition of its Hortifruti Natural da Terra (HNT) business unit. In a securities filing, Americanas said it has hired Citigroup Global Markets Brazil as the financial adviser for conducting the process to sell the unit, which markets fruits and vegetables. Americanas noted, however, it has started "evaluating strategic alternatives for the business, which may involve preliminary contacts with potential interested parties." Co and HNT," Americanas said in the filing. Reporting by Carolina Pulice and Peter Frontini; Editing by David Alire GarciaOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Americanas looking for buyer for stake in Grupo Uni.co
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, May 15 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA), which filed for bankruptcy earlier this year after an accounting scandal, said on Monday it has started the market sounding process to prospect parties interested in buying its stake in Grupo Uni.co. Americanas, which has the billionaire trio that founded 3G Capital as reference shareholders, said in a securities filing it had hired Citigroup (C.N) as financial advisor to conduct the process, launched as part of its reorganization plan. Reporting by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's government takes measures to boost consumer and capital market credit
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +3 min

BRASILIA, April 20 (Reuters) - Brazil's government announced a package of 13 measures on Thursday to ease consumer access to credit and reduce associated costs in the capital and insurance markets, a move the new leftist administration hopes will boost investment and revitalize a slowing economy. Brazil's Secretary of Economic Reforms, Marcos Barbosa, said the measures aim to strengthen the credit market in the long term, paving the way for the country's capital market to become as robust or larger than the 5 trillion reais ($988 billion) banking market. The package includes a decree to allow the issuance of bonds with an income tax exemption for investments in sectors such as healthcare, education, and public security. The government also plans to introduce legislation to enhance safeguards for minority investors in the capital market against harm caused by unlawful actions of controlling shareholders and administrators. Finance Minister Fernando Haddad on Monday had indicated that the package would also feature a measure to lower revolving credit card rates.

☆ Brazil's Americanas faces more debt, asset sales as it restructures
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

Sources with knowledge of the situation, however, told Reuters that the company shoulders a higher debt load than previously disclosed. Americanas presented the first draft of a legal recovery plan to a court in Rio de Janeiro state, O Globo newspaper reported. In January, the company entered bankruptcy protection after disclosing accounting "inconsistencies" worth 20 billion reais ($3.78 billion). The company said in early March it had offered a 10 billion reais capital injection to its creditors that will come from top shareholders. Sources close to the matter said the company holds debts of more than 50 billion reais, which exceeds the 42 billion reais previously acknowledged during the bankruptcy proceedings.

☆ Report on Americanas' woes to be presented to Brazil court next week
▼ + stars: | 2023-03-17 | by ( Rodrigo Viga Gaier | ) www.reuters.com time to read: +1 min

RIO DE JANEIRO, March 17 (Reuters) - A report detailing Brazilian retailer Americanas SA's (AMER3.SA) bankruptcy is being prepared by the trustee's team of over 100 experts and is expected to be presented to a Rio de Janeiro court next Monday, said a source close to the matter on Friday. "The final report will be closed and read on Monday before being presented to the court," said the source. Americanas, backed by the billionaire trio that founded investment firm 3G Capital, has accumulated debt of more than 40 billion reais. After the document is submitted, the court will set a deadline for Americanas to present its judicial recovery plan. On Thursday, Americanas' former chief executive testified at Brazil's securities watchdog, according to a source.

☆ Brazilian securities watchdog launches new probes into Americanas accounting fiasco
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, March 17 (Reuters) - Brazilian securities watchdog CVM said on Friday it has launched two new probes into retailer Americanas SA's (AMER3.SA) accounting scandal and the firm's reorganization process. CVM said it launched an administrative proceeding to analyze "failures to disclose relevant information by (Americanas) regarding proposals for capitalization and the renegotiation of debts with creditors and the assessment of the sale of assets." Americanas entered bankruptcy protection in January shortly after disclosing accounting inconsistencies worth 20 billion reais ($3.78 billion) and overall debt of more than $8 billion. Earlier this month, the retailer said it had offered a capital injection to its creditors of 10 billion reais ($1.93 billion) which would come from top shareholders. The launch of the probes comes a day after Americanas' former CEO Miguel Gutierrez testified before CVM.

☆ Foreign Companies’ Supply Financing to Face Greater Disclosure Rules Next Year
▼ + stars: | 2023-03-09 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Brazilian retailer Americanas SA in January filed for bankruptcy protection after revealing a roughly $4 billion hole in its balance sheet that was at least in part masked by its supply-chain finance program. An international accounting standards-setter has moved up by a year the timing for when companies would have to disclose details on their supply-chain financing, a move aimed at improving transparency after several high-profile blowups in recent years. The International Accounting Standards Board, which sets standards required globally, tentatively agreed at a Feb. 20 meeting on a one-year acceleration for standards that aim to outline what companies disclose on their supply-chain finance programs. As of Jan. 1, 2024, instead of 2025, businesses subject to the standards will have to disclose details such as the size and certain terms of their supply-chain finance programs.

☆ Americanas scandal won't affect Brazil banks much even in "extreme scenario" - cenbank
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, March 9 (Reuters) - Brazil's central bank stated on Thursday that the potential impact of the accounting scandal involving retailer Americanas SA on banks would be 'insignificant' even in an extreme scenario. Americanas (AMER3.SA) filed for bankruptcy in January after disclosing "accounting inconsistencies" worth 20 billion reais ($3.84 billion), leading banks to increase their provisioning in their most recent earnings release. The central bank noted that the provisions stem from "a specific event related to a large company" and have already absorbed most of the materialization of the risk. "The central bank estimated the remaining potential impact, plus a contagion scenario over the entire production and supply chain that depends on the company in a relevant way," it said. "In this extreme scenario, the impact on the consolidated financial system is insignificant and there would be no capital default in any financial institution," it added.

☆ Americanas proposes $1.9 bln for creditors from top shareholders
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, March 7 (Reuters) - Bankrupt Brazilian retailer Americanas SA (AMER3.SA) said on Tuesday it has offered a capital injection to its creditors of 10 billion reais ($1.93 billion) which would come from top shareholders. The company added that so far there is no agreement on the proposal. ($1 = 5.1910 reais)Reporting by Carolina Pulice; Editing by David Alire GarciaOur Standards: The Thomson Reuters Trust Principles.

☆ BTG Pactual joins Brazilian lenders hit by post-Americanas provisions
▼ + stars: | 2023-02-13 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

SAO PAULO, Feb 13 (Reuters) - Banco BTG Pactual SA (BPAC3.SA) on Monday became the latest Brazilian lender to be affected by bad credit provisions due to what it called a "specific, widely publicized event," likely referring to the bankruptcy of Americanas SA (AMER3.SA). BTG reported a quarterly net profit of 1.64 billion reais ($314.5 million), slightly down from 1.74 billion a year earlier and below the market consensus of 2.27 billion, according to analysts polled by Refinitiv. BTG's "good cost discipline" in the quarter helped reduce the impact of the provisions, JPMorgan said. "Despite all the challenges, we expect higher returns in 2023, with greater operating leverage and possibly even higher capital and liquidity levels," BTG Chief Executive Officer Roberto Sallouti said. ($1 = 5.2151 reais)Reporting by Gabriel Araujo; Editing by David Holmes, Kirsten Donovan and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

SAO PAULO, Feb 10 (Reuters) - Shares in Brazil's Banco Bradesco SA (BBDC4.SA) fell to their lowest level in almost two years on Friday after the bank reported fourth-quarter net income equivalent to less than half that of analysts' estimates. Bradesco reported a 75% drop in net income and sharply increased its provisions for loan losses to around $3 billion. The bank's preferred shares were down 6.6% in early trading in Sao Paulo to 12.89 reais, paring losses that reached 8.7% after the open. Bradesco set aside 4.9 billion reais in provisions in the fourth quarter to cover its loans to retailer Americanas SA (AMER3.SA), which has asked for bankruptcy protection. Reporting by Aluisio Alves, writing by Tatiana Bautzer; editing by Jason Neely and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Americanas accounting scandal was a 'fraud,' says CEO of Brazil's Itau
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, Feb 8 (Reuters) - The chief executive of Brazil's biggest private lender Itau Unibanco (ITUB4.SA) said on Wednesday that the accounting inconsistencies that led retailer Americanas SA (AMER3.SA) to request bankruptcy protection represent a case of 'fraud'. Milton Maluhy Filho's remarks came after Itau, which had a multi-million-dollar exposure to Americanas, had to set aside more cash for bad loans in the fourth quarter. Maluhy added that Itau has not identified any case similar to that of Americanas, which reported around $8 billion in debt after disclosing "inconsistencies" in its accounting. Reporting by Aluisio Alves; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil's Americanas board to remove top executives after accounting scandal
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, Feb 3 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) said on Friday its board had decided to remove three directors and three executives amid investigations over so-called accounting inconsistencies. Americanas, backed by the billionaire trio that founded investment firm 3G Capital, entered bankruptcy protection last month after disclosing "inconsistencies" in its accounting worth 20 billion reais ($3.88 billion). In a securities filing, Americanas said three directors and three executives had been removed "from all their roles and activities at the company and its subsidiaries." Americanas said it had also removed executives Fabio da Silva Abrate, Flavia Carneiro and Marcelo da Silva Nunes. Americanas added that it has hired a forensic expertise institute and a consultancy to protect company data while its reorganization and legal procedures take place.

☆ Brazil's Americanas requests financing of at least $197 mln -filing
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Jan 31 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) has requested debtor-in-possession financing of at least 1 billion reais ($197.12 million) as part of its bankruptcy process, according to a securities filing Tuesday. The financing aims to help the company maintain the "normal course of its business and reinforce its liquidity," the firm said. Americanas, backed by the billionaire trio that founded investment firm 3G Capital, entered bankruptcy protection this month after disclosing "inconsistencies" in its accounting, leading top investors such as BlackRock (BLK.N) and Capital Group to scale back their positions in the firm. It added it has been in talks with reference shareholders - Brazilian billionaires Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira, the founders of 3G Capital - about the possibility of them subscribing up to the totality of the financing minimum amount. ($1 = 5.0731 reais)Reporting by Carolina Pulice and Gabriel Araujo; Editing by Isabel Woodford and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Brazilian court orders seizure of emails of bankrupt retailer Americanas
▼ + stars: | 2023-01-26 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

SAO PAULO, Jan 26 (Reuters) - A Brazilian court has ordered the seizure of all corporate emails of managers and board members from bankrupt retailer Americanas SA (AMER3.SA) sent and received over the last 10 years, according to documents seen by Reuters. Bradesco said it was seeking evidence for potential litigation against Americanas, its managers, and potentially its controlling shareholders over "abuse of power." Americanas' largest shareholders are the billionaire founders of 3G Capital, Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles. The judge also ordered the seizure of all emails of employees in the finance and accounting division. Americanas is one of Brazil's largest retailers and has been in business for over 90 years.

☆ Bankrupt Brazilian retailer Americanas owes about $8 bln, court finds
▼ + stars: | 2023-01-25 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

SAO PAULO, Jan 25 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) owes a variety of creditors around $8 billion, a Rio de Janeiro court said on Wednesday, providing the most detailed picture yet of the banks and other groups exposed to the company's bankruptcy. The list provided on Wednesday includes roughly 41.2 billion reais ($8.1 billion) in debt, according to the court, which initially did not disclose the names of the creditors. Brazilian banks BTG Pactual (BPAC3.SA), Bradesco (BBDC4.SA) and Santander Brasil (SANB3.SA) - which analysts previously said were among the most exposed - were also listed, with debts of more than 3.5 billion reais each. Earlier this week, Capital International Investors also announced it had reduced its position in Americanas to 4.07% from 7.04%. Shares in Americanas were up 20% to 0.96 real on Wednesday, but still down roughly 90% year-to-date.

☆ Brazilian retailer Americanas reports 7,720 creditors, $8 bln in debt
▼ + stars: | 2023-01-25 | by ( Gabriel Araujo | ) www.reuters.com time to read: +2 min

SAO PAULO, Jan 25 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) reported 7,720 creditors and debt totaling nearly $8 billion within its restructuring process, a Rio de Janeiro court said on Wednesday. Deutsche Bank (DBKGn.DE) topped the list of creditors initially revealed by Americanas, but the German lender later said it had no lending relationship or credit exposure to the Brazilian company. The list provided on Wednesday included roughly 41.2 billion reais ($8.1 billion) in debt, according to the court, which initially did not disclose the names of the creditors. Later, however, Americanas revealed the full list in a securities filing, ranging from small debts with individuals and cities to multibillion-reais debts with banks. Deutsche Bank appeared with a $1 billion debt, but said in an emailed statement that it had no direct exposure to the Brazilian firm.

☆ Americanas' billionaire shareholders say they were unaware of accounting problems
▼ + stars: | 2023-01-23 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

SAO PAULO, Jan 23 (Reuters) - Americanas SA (AMER3.SA) three largest shareholders, the billionaire founders of 3G Capital, said on Sunday they had not known of $4 billion in accounting 'inconsistencies' at the Brazilian retailer. "We didn't know of and would never allow any accounting manipulation in the company", the statement said. It said Americanas had been audited by PwC and that the retailer's "banks and auditors never reported any problems". Securities industry regulator CVM has also launched probes into Americanas, which has seen its stock lose more than 90% of its value since the news of the accounting problems emerged. 3G Capital itself has no stake in Americanas.

☆ Brazilian lender Santander's Chairman Rial resigns
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, Jan 20 (Reuters) - Brazilian lender Santander Brasil SA said on Friday its chairman and former chief executive, Sergio Rial, is resigning from his position at the firm. The resignation comes just days after Rial quit his short-lived job as chief executive of retailer Americanas SA after finding accounting "inconsistencies" that led the company to file for bankruptcy protection. Rial was Santander Brasil's CEO for six years, as well as the bank's regional head for South America, before transitioning to board chairman in early 2022. He is also chairman of the board at fuel distributor Vibra Energia SA (VBBR3.SA), vice chair at BRF SA (BRFS3.SA) and a board member at Delta Air Lines (DAL.N). Rial will be replaced on an interim basis by his vice chair, Deborah Stern Vieitas, until the bank's next general meeting on April 28.

☆ Billionaire-backed Americanas files for bankruptcy protection, shares tank
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +4 min

SAO PAULO, Jan 19 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) on Thursday filed for bankruptcy protection, days after uncovering nearly $4 billion in accounting inconsistencies and amid a legal feud with creditors. In the filing, Americanas asks to exclude fintech Ame from the bankruptcy protection, as it is regulated by the central bank, and for authorization to increase its capital. Chief Executive Sergio Rial resigned last week, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais. Andre Luzbel, head of variable income at SVN Investimentos, said the bankruptcy protection was unavoidable, noting it would be one of the largest ever in Brazil, "as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022.

☆ Brazil's Americanas mulls filing for bankruptcy, shares tank as markets see move as imminent
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

Americanas said its current cash position stands at 800 million reais ($154.25 million). "The bankruptcy protection is unavoidable and might be one of the largest ever in Brazil, as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022. Last week, chief executive Sergio Rial resigned less than two weeks after taking the job citing the discovery of "accounting inconsistencies" totaling 20 billion reais. "Filing for bankruptcy protection is imminent and necessary," said Fernando Ferrer, an analyst at Empiricus Research, noting there could be a "cascade effect" of banks requesting to withhold money from the firm.

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