With the decision, the group will be able to renegotiate R$4.5 billion in debt directly with creditors
The 3rd Bankruptcy and Judicial Reorganization Court of the District of São Paulo accepted the request for extrajudicial recovery presented by Grupo Pão de Açúcarowner of the supermarket chain of the same name. The company informed about the decision this Wednesday (11) through a statement to the market.
. Current or operational expenses were left out of the recovery plan to preserve payments to workers, suppliers, partners and customers.
In a relevant fact released on Tuesday (10), the group reported that the Recovery planning “creates a safe and stable environment for negotiations to continue for 90 days” with creditors.
“The plan represents an important step towards management’s objective of strengthening the balance sheet, improving the debt profile and positioning the company for the future, while preserving relationships with suppliers and protecting its operations,” he added.
The agreement was signed with the main creditors, holders of the equivalent of R$2.1 billion of the total value of the negotiation. The percentage is higher than the legal minimum quorum of one third of the affected credits.
*With information from Agência Brasil
