Creditors of Americanas approved the company’s judicial recovery plan on Tuesday, which includes a 12 billion reais injection from the trio of billionaires and reference shareholders of the company.
The approval is crucial for Americanas’ recovery. The plan now needs to be ratified by the court, which would initiate a two-year period for the company to execute it.
The plan involves a 12 billion reais injection from Jorge Paulo Lemann, Marcel Telles, and Carlos Alberto Sicupira, as well as 12 billion reais in debt conversion into company shares.
About 91.1% of the creditors approved the agreement after over 6 hours of discussion, while in terms of debt volume with Americanas, 97.2% of the creditors gave their approval for the plan – the company needed a majority in both scenarios.
According to the judicial administrator, labor creditors and small businesses did not participate in the vote, as there were no changes to the agreed payment conditions with these parties.
Americanas filed for judicial recovery earlier this year after discovering accounting inconsistencies of over 20 billion reais.