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© Reuters. A man walks in front of a Lojas Americanas store in Brasilia, Brazil January 12, 2023. REUTERS/Ueslei Marcelino
By Gabriel Araujo
SAO PAULO (Reuters) -Brazilian retailer Americanas SA on Thursday filed for bankruptcy protection, days after uncovering nearly $4 billion in accounting inconsistencies and amid a legal feud with creditors.
Americanas, backed by the billionaire trio that founded 3G Capital, said in a securities filing that it will restructure debts of about 43 billion reais ($8.23 billion).
The move comes “despite the efforts and measures that the management has been taking in the past few days alongside its financial and legal advisers to protect the company from the effects” of the accounting scandal, according to the firm.
Market participants already expected the decision, with some deeming it unavoidable especially after lender BTG Pactual obtained on Wednesday a court decision overturning part of the firm’s protection from creditors.
($1 = 5.2226 reais)
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