Brazilian retailer Americanas has received approval from its creditors to move ahead with its restructuring plan.

The plan includes a $2.5bn capital investment by its main shareholders and an outline for divestment to reduce its debt by 50bn reais ($10.28bn).

The approval from creditors follows a plan support agreement the retailer signed with its creditors in November 2023 that accounted for more than 35% of its debt.

The plan secured the approval of more than 90% of creditors following an online meeting that lasted over six hours, Reuters has reported. It still awaits approval by a Brazilian judge.

The retailer will then initiate a two-year restructuring plan which includes an investment of 12bn reais from reference shareholders Jorge Paulo Lemann, Marcel Herrmann Telles and Carlos Alberto Sicupira, founders of 3G Capital.

The plan also includes a debt-for-equity swap of 12bn reais.

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The reference shareholders have already injected 1.5bn reais. A further 3.5bn reais would be provided within 15 days following the court’s approval.

The creditors also approved Americanas’ proposal to divest fruit and vegetable retail chain Natural da Terra and a 70% stake in fashion, accessories and design products retailer, Uni.Co.

Americanas filed for bankruptcy in January 2023, after discovering $4bn of accounting inconsistencies.

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