RIO: Justice releases BRL 1.2 billion from Americanas blocked for BTG

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The Court of Justice of the State of Rio de Janeiro released today (24) R$ 1.2 billion from Lojas Americanas that had been blocked at the request of BTG. The blockade had been determined by the Court, which granted an injunction to BTG before the approval by the 4th Corporate Court of the processing of the judicial recovery of the Americanas Group and the appointment of the trustee.

Judge Flávio Horta Fernandes, responsible for the measures, based the decision citing art. 49 of Law 11,101 of 2005, which establishes that all credits existing on the date of the application, even if not due, are subject to judicial recovery, as well as previous obligations observing the conditions originally contracted or defined by law.

In the decision, the judge considered the granting of the processing of the judicial recovery, as well as the appointment of a judicial administrator and the complexity of the issues involved, in addition to the suspension of all actions and executions against the company, “especially the prohibition of any form of withholding, arrest, attachment, kidnapping, search and seizure and judicial or extrajudicial constriction of their assets”, says the decision.

The judge also determined that it is up to the trustee to prove to Justice the use of resources with exclusive destination for the cash flow of the business activity. Lojas Americanas is subject to criminal liability in the event of misuse of these resources.

Translated to english by RJ983

From Brazil, by EBC News

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