Americanas May File For Bankruptcy Protection Within ‘Hours’
- Cash position dwindled after banks allowed to block assets
- Retailer disclosed $4 billion accounting gap on Jan. 11
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Americanas SA, the Brazilian retailer backed by billionaire Jorge Paulo Lemann, said it may file for bankruptcy protection “in the next few hours” as its cash position evaporated to just 800 million reais ($154 million).
The announcement comes just eight days after the reveal of 20 billion reais in accounting “inconsistencies,” which sparked a massive sell-off in its stocks and bonds.