Brazil Credit Crunch Is Brewing as Americanas Fallout Grows

Investors are losing faith in Brazil’s corporate borrowers in the aftermath of Americanas SA’s implosion, defying reassurances that the century-old retailer’s collapse was a one-off with no broader implications.

Instead, in just the few weeks since the default, power company Light SA, clothing retailer Marisa Lojas SA and travel-agency CVC Brasil have all hired advisers to restructure their debt. Telecom operator Oi SA won a court case to temporarily suspend its obligations, while S&P Global Ratings warned airline Gol could approve a restructuring that’s equivalent to a default.