A São Paulo court anticipated the effects of Casas Bahia's judicial recovery filing and granted the retailer protection against creditor debt enforcement for 180 days. The company is trying to restructure liabilities of R$ 17.3 billion. The deadline set by Judge Tainá Maria Leonardo de Oliveira, from the 2nd Bankruptcy and Judicial Recovery Court of São Paulo, began counting from the 19th.
In the request submitted to the court, Casas Bahia argued there was a "run of creditors against the company's assets" since news of the judicial recovery process opening. According to the company, approximately R$ 9 million were frozen "in a few days," representing risk of "imminent asset depletion" for the retailer.
In the decision, the judge also determined that BTG Pactual bank restore full access of Casas Bahia to its checking accounts within 24 hours. The magistrate accepted the company's arguments that the situation constitutes imminent risk to the retailer's assets.
