Unable to sell assets, such as retail outlets and its online domain, in order to catch a breath to pay its creditors and cover expenses, and network Sarafa Libraries She suffered a new setback in her judicial recovery plan. This time, she risks declaring bankruptcy.
After an action by one of its creditors, the technology company Infosys, which questioned the retailer’s plan filed in March, the court has now decided that Saraiva will file a new proposal within 30 days, under pain of filing for bankruptcy. However, the company had already, a few days before this decision, made an adjustment to the plan, and is already contemplating the failure to sell the assets. Now, a source said, he will be able to assess a new change.
According to the decision of the The first chamber reserved for the Commercial Law of the Court of Justice of São PauloThe new plan will also need to be voted on within 30 days. To be approved, the company will need to comply with what has been previously verified, focusing on business creditors. It has already been decided, for example, that the company regularly pays up to 160 thousand RRL in the form of work credits.
million dollar debt
Saraiva, under judicial reorganization since 2018 and with debts of about R$674 million at the time, was not able to sell the assets that would be used to pay creditors and inject cash into the operation. It recently made the third attempt to sell a bunch of stores and its e-commerce, but it didn’t attract interested parties.
Without these resources, the company, last week, introduced a new addition to the plan. Under the new proposal, creditors must opt for a discount of 80% of the debt, with the remainder paid in shares of the publicly listed company. The second option offered to the creditor is to receive until 2048, with payment to start in 2016, at an interest of 0.5% per annum.
At the end of June, according to the latest result released by the company, Saraiva had 38 stores, compared to 64 a year earlier. The loss in the first half amounted to R$45 million, compared to a loss of R$108 million in the first half of 2020.
Sought, Saraiva did not answer the call to report
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