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In a crisis that forced the company to seek a receivership, close almost all its titles and change the location of its newsrooms, Editora Abril now has a new owner. The businessman Fabio Carvalho bought the company for the modest sum of R $ 100,000, also baduming the $ 1.6 billion in debts that forced the publisher to seek recovery.
The executive is known to be a specialist in the acquisition of companies in crisis and controls Leader Magazine, a chain of Rio de Janeiro retail stores operating in eight states in the Southeast and Northeast. According to Valor Econômico, it badumes its activities with the support of BTG Pactual, which, through its collection company Enforce, negotiates with the creditor banks groups such as Itaú, Santander and Bradesco. These banks must also approve the sale of shares, the titles of the publisher, such as Veja and Exame, being given as collateral. However, BTG Pactual does not intend to take the editorial part of Abril in a similar model to that of XP Investimentos with Infomey.
The companies in which Fabio Carvalho holds a stake have annual sales of more than R $ 4 billion. This badumes a company that owes about 3,000 employees and several suppliers. Of the total debt estimated at R $ 1.6 billion, about 75% of the value is for banks. The current indebtedness point is the culmination of a debt process initiated in the late 1990s. The purchase price of $ 100,000 is almost symbolic.
The agreement between Carvalho and the Civita family – who founded the publishing house in 1950 with the support of BRZ Investimentos, according to Valor Econômico. Victor Civita – plans to acquire 100% of the shares of the group, but the transaction must be approved by Cade (Administrative Council of Economic Defense), which should take about 45 days.
The sale will not initially change the terms. of the discharge proposal, which proposes a default of up to 92% of the debt and a term of 18 years to pay its creditors filed the court of bankruptcy and judicial recovery of São Paulo. The proposal must be submitted to the meeting of creditors, which is scheduled to take place in March.
Since July, the group is managed by the consulting firm Alvarez & Marsal. If the agreement is approved, the new team appointed by Fábio Carvalho will join the leaders of Abril and Alvarez & Marsal for a transition.
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