Feb 8, 2023
Hedge Fund SPX Spearheads Group of Americanas Local 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 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.
Vanished $4 Billion Brings Down Century-Old Retailer in a Week
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%.
--With assistance from Cristiane Lucchesi.
©2023 Bloomberg L.P.