The St Marche group filed a request to approve the extrajudicial restructuring negotiated with its main financial creditor.
The request was filed on Wednesday (16) in court of São Paulo, dealing with liabilities of about $ 528 million (US $ 90.2 million).
The request “proved to be the viable path to its effective restructuring” without penalizing other creditors, employees and suppliers, says the document. The plan has already been negotiated, approved and signed by a creditor who has more than half of the credits covered, he says. St Marche did not immediately respond to Bloomberg’s request for comment on the subject.
In February, for temporary suspension of debt payment and to protect the company against financial creditors.
At the time, the company had sent the 1st Court of Bankruptcy and Judicial Recovery of the Court of Justice of the State of São Paulo a request for precautionary urgent relief to be made possible a “quick, organized and effective composition between debtor and their creditors”.
St Marche, which currently has about 30 stores in the state of São Paulo, mentioned in the cause that the request to justice at the time would serve the company to avoid a “eventual” request for judicial recovery, through suspension for up to 60 days of the possibility of decreeing early maturity of debts and their executions.
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The company quoted in the request that it even tried to make a capital opening in 2021 to raise funds to fund its “exponential” growth, but ended up not going forward in the face of “changes in the macroeconomic scenario”. The company also stated that the scandal generated by billionaire accounting fraud that led to Americans () to judicial recovery in 2023 generated credit reduction to the sector and ST marche.
St Marche, the supermarket chain focused on high -income consumers, was founded in 2002 by Bernardo Ouro Preto and Victor Leal. She is headquartered in Sao Paulo, is controlled by L Catterton, a private equity company supported by French billionaire Bernard Arnault, who invested in 2016 and had been trying to sell her participation, according to local media.
(with Reuters and Bloomberg)
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