Americanas Gets Green Light From Creditors to Overhaul Debt
- Trio of billionaire shareholders to inject cash, boost stake
- Plan still needs approval from court overseeing recovery
This article is for subscribers only.
Creditors of distressed Brazilian retailer Americanas SA approved a restructuring plan to overhaul 50 billion reais ($10.3 billion) of debt in a key step to applying a recovery plan nearly a year after its sudden implosion due to a multi-year fraud.
With more than 97% of banks, bondholders and suppliers represented at the virtual meeting, the creditors gave the company the green light to proceed with the plan that envisions a capital injection of 24 billion reais in 2024 and recovery rates close to 30%.