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Brazil’s Americanas reached an agreement with bank creditors to restructure some of its debt, in an effort to exit bankruptcy protection. A binding agreement was signed with creditors holding more than 35% of its debt, and other creditors showed interest in the deal in a non-binding way, Americanas said. This comes after long negotiations with creditors holding over 50% of its debt. Bloomberg notes that the company did not name the creditors, but banks have a majority of the debt. Its debt restructuring proposal involves a cash injection and debtor-in-possession (DIP) financing of BRL 12bn ($2.45bn) by the top shareholders. Besides it also includes a debt-to-equity swap from creditors holding ~ BRL 12bn ($2.45bn). All shareholders can participate in the capital raise.
Its 4.75% dollar bonds due 2030 issued by JSM were up 0.8 points to 17.25.
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