Hedge Fund SPX Leads Group of Americanas Brazilian Bondholders

Bloomberg — Brazilian hedge fund manager SPX Capital is among asset management firms taking the lead in a group of local bondholders of troubled retailer Americanas SA (AMER3) organizing for restructuring negotiations.

SPX, XP Asset Management, Riza, Icatu Vanguarda, Prada, Moneda and Exes were appointed as members of the committee that will represent a group of holders of the firm’s domestic debt, according to a document reviewed by Bloomberg. The group also approved hiring law firm E.Munhoz Advogados as its legal adviser, according to minutes from a Feb. 6 meeting.

Americanas filed for bankruptcy protection last month, just days after finding 20 billion reais ($3.9 billion) of “accounting inconsistencies” that artificially boosted its profits and reduced reported liabilities.

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PwC’s Auditing Record Is Under Scrutiny After Americanas’ $4 Billion Accounting Scandal

Consumer and corporate activism associations Abradecont and Ibrasg both filed lawsuits against PwC in the past few days, with the former requesting a freeze on the auditor’s assets

E.Munhoz Advogados, SPX, XP Asset and Moneda declined to comment. Riza, Icatu Vanguarda, Prada and Exes didn’t immediately reply to requests seeking comment.

SPX, one of Brazil’s largest independent hedge fund managers with over 76 billion reais in assets, hired Albano Franco from Banco BTG Pactual’s asset-management unit in 2019 to build out its credit venture.

Earlier this week, another Brazilian hedge-fund power house — Verde Asset Management — said it was stung by the rout in Americanas’ local notes. The firm said exposure to local bonds brought a 14 basis-point loss to its flagship fund last month, trimming January gains to 2.7%.

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Americanas Faces Eviction from São Paulo Shopping Mall Due to Rent Arrears

The retail giant owes 67,000 reais for the premises in the Santa Bárbara D’Oeste mall in São Paulo state, while Americanas claims the debt is contemplated within its restructuring process

--With assistance from Cristiane Lucchesi

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