Selic rate at 13.75% generated an impact of BRL 395 million per year on the company’s cash flow, which accumulates debts of BRL 4.2 billion.
247 – The Petrópolis brewery, owner of the Itaipava, Crystal and Petra brands, filed this Monday (27) with a request for judicial recovery in the Justice of Rio de Janeiro. The company points out that its debts total R$ 4.2 billion, 48% of which are financial and 52% with suppliers and third parties.
In the document filed in court, the Petrópolis group argued that its financial liquidity was compromised by the high level of interest rates practiced by the Central Bank, currently at 13.75%. This put pressure on the debt level and generated an impact of R$395 million per year on the company’s cash flow.
The basic interest rate, or Selic rate, has been criticized by President Luiz Inácio Lula da Silva, by politicians and economists from different schools of thought, as harmful to the resumption of growth, as it makes credit more expensive and reduces people’s consumption power.
>>> “Central Bank wants the country to be screwed and blackmails the fiscal rule. Brazil does not deserve this”, says Gleisi
According to the petition in which it asked for recovery, the group has been facing a liquidity crisis for 18 months due to the reduction in revenue. Last year, the company sold 24.1 million hectoliters of beverages, which represents a 23% drop compared to 2020. This reduction meant a 17% drop in gross revenue for the period. At the same time, the sector’s costs rose and, still according to the defense of Petrópolis, were not passed on to the consumer.
“The combination of these factors, exogenous and beyond the control of the applicants, generated an unprecedented liquidity crisis in the Petrópolis Group, which compromised its cash flow to the point of forcing it to seek legal protection with the filing of this request for judicial recovery ”, says the document.
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