Brazilian retailer Americanas has accelerated its restructuring plan with the signing of a plan support agreement with creditors accounting for more than 35% of its debt.

The creditors include lenders BTG Pactual, Santander Brasil, Bradesco and Itau Unibanco, according to a Reuters report.

They will support a proposed restructuring plan that includes a capital injection of 12bn reais ($2.45bn) and a debt-for-equity swap.

The creditors also agreed to vote in favour of the plan at the General Meeting of Creditors scheduled to take place on 19 December 2023.

The company said in a statement: “Americanas’ management believes that the agreement reached with the main creditors and reference shareholders is an important milestone in the judicial re-organisation process and progress for Americanas towards its goal of emerging as a stronger and more competitive company, preserving the economic activity it represents and the direct and indirect jobs generated throughout the country.

“With a feasible judicial re-organisation plan supported by the main creditors and reference shareholders, management believes there is a clear and viable path to finalising the judicial re-organisation process within a foreseeable horizon and expanding the focus on operations and customer service.”

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Americanas filed for bankruptcy in January 2023 after a $3.8bn accounting scandal impacted its operations.

In June 2023, the retailer admitted the involvement of some of its executives in improper accounting around the financial statements of retailer Lojas Americanas.