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)
(Reporting by Andre Romani; Editing by David Alire Garcia)
