Major shareholders and creditors inject BRL 24.5 billion into Americanas
Americanas, a troubled Brazilian retailer, has had its recovery plan ratified by a business court, following the country’s largest accounting fraud. This move paves the way for major shareholders to inject BRL 24.5 billion into the company, led by billionaires Jorge Paulo Lemann, Marcel Telles, and Carlos Alberto Sicupira.
Significance: The approval of the recovery plan marks a critical step in Americanas’s restructuring process, starting with a massive capital injection to stabilize the company’s finances.
- The board’s approval of the operation sets the stage for the funds to be injected by August.
Background: Americanas revealed significant accounting irregularities amounting to billions in debt, leading to bankruptcy protection. Investigations uncovered fraudulent practices by former executives, prompting a restructure to save the company from financial ruin.
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