Creditors approve Saraiva's recovery plan

Creditors approve Saraiva's recovery plan

Debt Corporate & Sovereign Strategy Regulation Funds Asset Management Brazil

Creditors have approved a judicial recovery plan for the Brazil's Saraiva, giving the bookstore chain 15 years to pay off 5% of its debts and then convert the remaining 95% to debentures in 2034, according to a securities filing. Saraiva filed for bankruptcy in November with BRL684m ($165m) in debt and presented a recovery plan in February. Creditors also approved forming a five-member council to run the bookseller, including two members of Saraiva family. Jorge Saraiva Neto had been in charge o

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