This Wednesday (20) was added to a sequence of other large companies that are looking for alternatives to restructure their accounts. Since the beginning of the year, GPA (), Toky (), Raízen (), CVLB and even SAF from the Botafogo team have joined the list.
The cases involve both judicial and extrajudicial recoveries — when the debt negotiation plan is negotiated directly with creditors. These companies, however, are part of a much broader movement: in the first quarter of 2026 alone, the number of judicial recoveries increased by 21.5% compared to the same period last year, according to data from a monitor from RGF Associados.
During this period, the number of companies in RJ reached 5,931 in Brazil, compared to 4,881 in the first quarter of 2025, following an annual growth trend. Factors such as the high cost of capital and restrictions on credit given the high interest rates in Brazil are often cited as reasons for the worsening of this scenario.
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The data from RGF Associados does not include Estrela, other companies that entered recovery after March or opted for extrajudicial recovery, but it indicates the trend. See some of the recent cases below.
GPA (Grupo Pão de Açúcar)
Justiça, one of the strongest brands in the supermarket retail sector. The plan structured by the company covers unsecured payment obligations that total approximately R$4.5 billion in debt. The process was aimed at renegotiating contracts, reducing investments and selling properties, aiming to rebalance the group’s financial position.
Toky Group
Company that operates in the furniture and decoration retail sector and controls the Tok&Stok and Mobly brands, the Toky Group in May this year. The petition was filed under judicial secrecy and details debt in excess of R$1 billion.
The company justified the measure by pointing to the sector’s challenging macroeconomic environment, marked by high interest rates and high levels of household debt, factors that worsened the group’s financial situation. Furthermore, the company claims temporary restrictions on inventory levels affected short-term liquidity, prompting the emergency request to protect assets, enable operations and lay the foundation for an orderly capital restructuring.
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Raízen
Raízen, from the energy and ethanol processing sector, filed its request for extrajudicial recovery in March this year. The procedure covers restructuring and .
The reasons that led to the request are associated with the company’s high financial leverage in a period of high interest rates, combined with adverse weather factors and disagreements between partners. The restructuring plan was structured in a consensual manner with its main financial creditors and, at the time of the protocol, it already had the express adhesion of signatory creditors who hold more than 47% of the listed financial obligations.
CVLB Brazil
CVLB Brasil, created from the merger between Casa & Vídeo and Le biscuit, filed a request for judicial recovery in April. A, converting it into a definitive legal instrument to guarantee the stability and protection of assets while negotiations with creditors last.
Botafogo SAF
SAF do Botafogo had its request for judicial recovery accepted by the 2nd Business Court of Rio de Janeiro. The official decision recognizes that the institution’s total estimated liabilities reach the mark of R$2.5 billion, of which approximately billions of dollars.
The club faces a scenario of strong financial pressure and operational restrictions, which included international financial disputes and the application of administrative punishments for preventing athlete registrations imposed by FIFA.
