Brazil’s Americanas wins creditor approval for restructuring plan


© Reuters. FILE PHOTO: People walk in front of a Lojas Americanas store in Brasilia, Brazil January 12, 2023. REUTERS/Ueslei Marcelino

SAO PAULO (Reuters) – Creditors of Brazilian retailer Americanas approved a broad restructuring plan on Tuesday, which features a $2.5 billion capital injection by the trio of billionaires who founded 3G Capital.

Americanas, a nearly century-old company backed by the 3G trio, filed for bankruptcy earlier this year after uncovering $4 billion of accounting inconsistencies.

The approval marks a key step for Americanas, but it still needs to be ratified by a Brazilian judge.

Court approval for the plan will kick-off a two-year period for the firm to implement the plan, which includes a capital injection of 12 billion reais ($2.5 billion) from the 3G trio, as well as a 12 billion-real debt-for-equity swap.

About 90% of creditors approved the deal after a more than six-hour online meeting.

Creditors including former workers and small companies did not vote on the plan, however, as it did not alter their payment conditions, according to the bankruptcy’s trustee.

($1 = 4.8637 reais)

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