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Itaú, Bradesco and Banco do Brasil contest the payment of Livraria Cultura to partners, administrators and members of its board of directors in the course of judicial recovery.
Unable to pay estimated debts in R $ 285.4 million, Culture filed a petition with the Tribunal last October to avoid bankruptcy and obtain a foothold to try to promote a restructuring.
The court accepted the application and granted the release of securities that were locked up in financial institutions so that the bookstore could pay the expenses essential to the maintenance of its activities.
In an application filed in court, Itaú indicates, however, that the group made non-essential payments and cites the transfer of officers and directors.
"The debtors presented to the council and the council proof of payments at the beginning of the contract, the amounts of which exceeded the bases were indicated."
According to Itaú, an amount of about 1 million dollars Australian payments have not been proven. In the document, the bank also questions expenses incurred by means of business cards.
Itaú requested the revocation of the injunction that issued the amounts and that Culture presents a new accountability
The bank also seeks clarification on the
This fact, s & # 39; it occurred, would characterize favoring these creditors, which is prohibited by law, a crime punishable by a term of imprisonment (from two to five years and a fine), which calls for alleged advance payments to creditors involved in judicial recovery.
Folha The cultural group states that "the information provided by Itaú is incorrect and inaccurate".
Folha Bradesco and Banco do Brasil also called into question the secrecy of justice on the essential nature of the expenses incurred by the bookstore. not proceed. "He says that all payments have been demonstrated in detail," in cents "to the judge.
" According to culture, "the bookstore and the court administration have already ruled in favor of the group
"What Itaú calls the directors, it is the payment of the wages of all the employees". The librarian did not comment on the allegations of Bradesco and Banco do Brasil.
Judge Marcelo Sacramone did not arrest the accounts of Culture, as he wished, but ordered the group to submit all bank statements and scheduled a conciliation hearing on the 29th.
At the time of the recovery request, in October, Cultura, founded in 1947, had 17 stores and a catalog of 9 million pounds
. economic crisis in the country since mid-2014. He quotes that EBITDA (earnings before interest, taxes, depreciation and amortization) increased from R $ 21 million (2013) to a loss of R $ 77 million (2017).
But he says believe that with the restructuring measures and the prospects of recovery of the Brazilian economy, "its future is promising".
The company has proposed to pay creditors only 30% of debts and in a In addition to the 70% default, he wants the payments to be made after two years of grace and 48 quarterly installments.
The 70% reduction would only apply to creditors who are reluctant to help the company The so-called "incentive" and "strategic" creditors would have a less drastic payment.
This is the case, for example, of landlords who agree to reduce the value of rents at deemed levels for at least two years. sufficient by the Group Culture.
For this s creditors, the discount would be 30% and the debt would be paid in 20 monthly installments (five years), after a grace period of one year.
Suppliers who agree to enter into new "under contract" contracts with the bookstore until 30 days after plan approval would also have a lower default.
They would benefit from a discount of 25% in value, payable in 48 quarterly installments after two years of grace.
Companies that did not discontinue the supply of products would not experience a negative acquisition gap. But they would be paid after two years and in 48 quarterly installments.
The proposal must be approved by a meeting of creditors and approved by the courts. If this does not happen, bankruptcy can be decreed with the liquidation of badets, which is usually insufficient to satisfy all creditors.
Among the main creditors are Silva Empreendimentos Imobiliários (R $ 37.4 million) and Banco do Brasil (R $ 16.5 million).
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