Three weeks after filing for bankruptcy protection to restructure debts of R$17.3 billion, Casas Bahia has advanced negotiations with banks and investment funds to obtain a loan. According to people close to the retailer, discussions involve credit of R$150 million to R$500 million, with the company's goal being to reach a total financing value of R$1 billion.
The loan would be of the DIP (debtor in possession) type, a special financing for companies undergoing bankruptcy protection. However, the company's restructuring petition has not yet been approved by the São Paulo court, which represents one of the impasses for formalizing the loan with financial institutions.
Sources also indicate that payment terms and guarantees for the loan are being discussed. On the 28th, after Casas Bahia admitted a "creditor run" against its assets, Judge Tainá Maria Leonardo de Oliveira, from the 2nd Bankruptcy and Judicial Reorganization Court of São Paulo, made a decision regarding the case.
