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The Administrative Council for Economic Defense (Cade) approved without restriction the sale of Grupo Abril, of the Civita family, to Cavalry Investimentos, businessman Fábio Carvalho, Rio & Casa chain stores. 19659002] In badyzing the case, the general superintendence of the antitrust body concluded that the transaction "does not have the right to cause harm to competition in the markets of the parties to the Brazil".
The notice was signed on Tuesday. 8) by the Superintendent General Alexandre Cordeiro Macedo.
According to the notice, the Abril Group operates in the trade of magazines, books and publications and the companies of Fábio Carvalho do not operate in this sector. According to Macedo, the decision is final, without evaluation of the plenary session of the council. . Therefore, says Cade, the company "does not raise great concerns about the defense of competition"
. The Civita family has entered into the contract for a nominal value of R $ 100,000.
Grupo Abril has a debt of R $ 1.6 billion, of which two-thirds with Itaú, Bradesco and Santander – and has been in court since August 16.
Debts the labor costs of the Abril group, which include debts to journalists, graphics, administrative staff, among other professionals, are around R $ 90 million, which represents only 5.6% of total
The company claims that it will fully pay off workers' debts up to 250 minimum wages per person – or the equivalent of 238,500,000 R $ The debt would be paid 12 months after the approval of the recovery plan. Employees whose compensation exceeds this level would only receive 8% of the total in monthly payments for 18 years.
Carvalho, who is a lawyer, has always hired companies in difficulty to seek a possible recovery. In order to make the new purchase viable, he got support from Enforce, of BTG Pactual, who talks to the three banks to buy a $ 1.1 billion low-price debt
. Before embarking as an entrepreneur with Casa & Video, Carvalho had worked in several business recovery processes carried out by Alvarez & Marsal, where he worked.
It should take the direction of Grupo Abril in February, in place of Marcos Haaland, a member of the same Alvarez & Marsal, called to begin recovery.
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