Americanas, the floundering Brazilian giant retail group embroiled in the country’s biggest accounting scandal ever, handed over to a Rio de Janeiro business court a list detailing its debts and creditors. The move is part of a series of determinations under the company’s bankruptcy protection process.
The company listed nearly 8,000 creditors and liabilities of BRL 41.2 billion (USD 8 billion). The amount includes BRL 109 million in debts to small companies — whose operations would be seriously jeopardized if Americanas fails to meet its dues.
Creditors who could lose large sums in the bankruptcy of the retailer include major financial institutions such as Deutsche Bank (BRL 5.2 billion), Santander (BRL 3.6 billion), and BTG Pactual (BRL 3.5 billion), as well as the conglomerate Votorantim (BRL 3.3 billion). Together, liabilities to banks add up to over BRL 22 billion.
The list of creditors released on Wednesday also includes major tech manufacturers such as Samsung (BRL 1.2 billion), Motorola (BRL 160 million), and Apple (BRL 98 million).
Some of the creditors, however, have contradicted the information provided by Americanas. Deutsche Bank told Bloomberg Línea that it has no exposure to the retailer, while bank BV says it is owed much more than the company told the business court.
Americanas entered a bankruptcy protection program last week, just eight days after it reported “accounting inconsistencies” of roughly BRL 20 billion. Brazil’s Securities and Exchange Commission has launched seven inquiries and established a task force to investigate the possibility of fraud.
After keeping mum for days, reference shareholders of Americanas finally spoke out during the weekend. The group, Brazil’s three wealthiest men — Jorge Paulo Lemann, Marcel Telles, and Carlos Alberto Sicupira — denied any knowledge of the “inconsistencies” in the company’s books, adding that consultancy firm PwC had approved the company’s balance sheets.
Banks Bradesco and Santander are seeking ways to hold the trio personally accountable for the accounting hole. Per finance newspaper Valor, the banks filed a petition for a forensic audit of the company’s books — which would include depositions from its main shareholders.
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