September 3, 2019
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
Brazilian bookseller has 15 years to pay back 5% of debts and then convert remaining 95% to debentures