Brazil's Casas Bahia Soars After Filing Out-Of-Court Debt Deal [BNN Bloomberg (Canada)]
Banco Bradesco Sa American Depositary Shares (each representing one Common Share) (BBDO)
US:NYSE Investor Relations:
bradescori.com.br/sitebradescori/default-en.aspx
Company Research
Source: BNN Bloomberg
The plan was built with Banco Bradesco SA and Banco do Brasil SA, the main creditors, which hold approximately 55% of the debt in bank loans, according to Casas Bahia's chief financial officer, Elcio Ito. The rest of the debt is spread out among several local bondholders, with Santander Asset Management and Banco do Brasil's asset management unit holding significant chunks of debenture notes, according to people familiar with the matter. “This plan reduces interest rate payments but the debt continues, there was no haircut on the debt,” Ito said in an interview. “There is no immediate deleveraging for the company.” Casas Bahia, one of the country's most popular retail chains, filed for the extra-judicial recovery plan on Sunday. Brazilian retailers have struggled with truckloads of debt, fierce competition from international players, and logistical hurdles. Casas Bahia saw its market value plunge over 98% from 28 billion reais in 2020 to 619.9 million reais. The proposal includ
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