Brazil’s GPA, Creditors Ink Deal for Out-of-Court Debt Rework

Companhia Brasileira de Distribuição announced an agreement with its main creditors to file an out-of-court restructuring plan as the Brazilian retailer reworks its debt.

GPA, as the supermarket chain is known, said the plan covers about 4.5 billion reais ($871 million) in unsecured, non-operational debt, according to a filing on Tuesday. Creditors representing 46% of the affected claims — or 2.1 billion reais — agreed to the restructuring, the company said.