Insolvency RecordCASE FILES

Brazil · Retail

Americanas S.A. insolvency: proceedings and outcome

Americanas, a Brazilian retailer, disclosed accounting inconsistencies of about 20 billion reais in January 2023 and filed for judicial recovery on 19 January 2023, which the court granted the same day. Creditors approved a restructuring plan in December 2023 and the court homologated it on 26 February 2024, followed by a capital increase homologated in July 2024. The 4th Business Court of Rio de Janeiro closed the judicial recovery on 19 October 2026, according to the company and Brazilian press reports.

Emerged from proceedings Americanas restructured its debt under a court-homologated judicial recovery plan with a capital increase and asset sales. The 4th Business Court of Rio de Janeiro closed the proceeding on 19 October 2026, according to the company and press reports, with the decision reported as open to appeal.1,4,5

First filing19 January 2023
Proceedings2

Accounting inconsistencies of 20 billion reais (about 3.88 billion USD) were announced in January 2023, per Wikipedia citing Reuters. O Hoje reported that the company declared debts of about 43 billion reais when the process began. Figures as of January 2023.3,4

Proceedings

TypeCourt or bodyCaseFiled
Judicial recovery1,2,4,54th Business Court of Rio de Janeiro (4a Vara Empresarial), with judicial administrators Preserva-Ação Administração Judicial and Escritório de Advocacia Zveiter, Brazil (Rio de Janeiro)19 January 2023
Chapter 151US Bankruptcy Court, New York, United States (New York)26 January 2023

Timeline

  1. Americanas announced balance sheet inconsistencies of about 20 billion reais and its chief executive and chief financial officer resigned.3
  2. Americanas filed for judicial recovery and the court granted the request.1
  3. A Chapter 15 petition was filed and granted in New York.1
  4. The judicial recovery plan was filed.1
  5. The plan was deliberated at the creditors' general assembly, with the timeline recording approval on 19 December 2023.1
  6. The court homologated the judicial recovery plan.1
  7. The capital increase under the plan was homologated.1
  8. The sale of the Uni.Co business unit was concluded.1
  9. Americanas requested the closure of the judicial recovery.1
  10. The 4th Business Court of Rio de Janeiro closed the judicial recovery. O Hoje reported that the decision can still be appealed.1,4,5

Related actions

  1. Brazilian federal prosecutors. Charged former executives with fraud, as reported by Reuters and cited by Wikipedia. Charges are not convictions.3

Sources

  1. Americanas S.A. investor relations, Recuperação Judicial: Timeline (27 October 2026)
  2. Americanas S.A. investor relations, Recuperação Judicial: Administrador Judicial (17 February 2025)
  3. Wikipedia, Americanas (27 October 2026)
  4. O Hoje, Justiça encerra recuperação judicial da Americanas após crise de R$ 20 bilhões (20 October 2026)
  5. Jornal do Comércio (Porto Alegre), Americanas conclui processo de recuperação judicial (20 October 2026)