SAO PAULO (Reuters) – Brazilian retailer Americanas SA said on Thursday it is considering filing for bankruptcy after uncovering nearly $4 billion in accounting inconsistencies last week.
“Although it has not yet been decided, the management is working with the possibility of in the next few days or potentially in the next few hours approving filing, on an emergency basis, a request for judicial recovery,” Americanas said in a securities filing.
Americanas added that the current cash position available for the company stands at 800 million reais ($154.25 million) after a court decision allowed a lender to withhold money from the firm.
Lender BTG Pactual obtained on Wednesday a court decision overturning part of Americanas’ protection from creditors, a move the retailer said would “harm its viability”.
($1 = 5.1863 reais)
(Reporting by Gabriel Araujo; Editing by Toby Chopra)
