Earlier, Americanas filed for bankruptcy after announcing debts totaling R$43 billion.| Photo: Jonathan Campos/Gazeta do Povo.

The Justice of Rio de Janeiro accepted this Thursday afternoon (19) the request for judicial recovery made by Americanas. Judge Paulo Assed Estefan, from the 4th Business Court of Rio, ordered the company to present the complete list of creditors and a breakdown of liabilities within 48 hours, reported the g1 portal.

Earlier, the group filed for bankruptcy after announcing debts totaling R$43 billion with around 16,300 creditors. In addition, the company stated that it had BRL 800 million in cash. The company’s judicial administration will be carried out by Bruno Rezende, from Preserva-Ação Administração Judicial, according to UOL.

“This is one of the largest and most relevant judicial recoveries filed so far in the country, not only because of its liabilities, but because of all the market repercussions that the applicants’ crisis situation has been causing and, due to all aspects involved, given the large number of creditors, direct and indirect employees dependent on the business activity now protected, as well as the relevant volume of wealth and taxes generated”, wrote the judge.

The magistrate pointed out that “the eventual bankruptcy of Grupo Americanas could lead to the collapse of the production chain in Brazil, with losses in relevant economic sectors, affecting more than 50 million consumers, putting tens of thousands of jobs at risk”.

With the decision, the retailer will have 60 days to present the first version of a restructuring plan. In addition, for 180 days the execution of all the company’s debts will be suspended. This period may be extended for another 180 days.