Americanas Cleared by Court to Pay Debts to Smaller Creditors [BNN Bloomberg (Canada)]
Banco Bradesco Sa American Depositary Shares (each representing one Common Share) (BBDO)
US:NYSE Investor Relations:
bradescori.com.br/sitebradescori/default-en.aspx
Company Research
Source: BNN Bloomberg
The company plans to pay around 192 million reais ($37 million) to class I and class IV creditors in the short term with part of the funds obtained from top shareholders, according to a filing seen by Bloomberg. The move won't affect company cash flow, according to Tuesday's ruling by Judge Paulo Assed Estefan in Rio de Janeiro. “It will reduce the degenerative impact on its small suppliers, who continue to contribute to economic activity, supplying products that make up its production line, as well as meeting the needs of workers, many of whom are in extremely vulnerable situations,” the judge wrote. Creditors including Banco Bradesco SA and Banco Safra SA sought to block the payments. Estefan ruled that the move won't hurt unsecured creditors because it involves only a small portion of Americanas's total debt of 42.5 billion reais, and because the retailer had provisioned the expected costs earlier. Americanas filed for bankruptcy protection on Jan. 19 after revelations of “a
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