(Bloomberg) -- Americanas SA, the Brazilian retailer backed by billionaire Jorge Paulo Lemann, filed for bankruptcy protection at a court in Rio de Janeiro citing liabilities of about 43 billion reais ($8.2 billion).

The filing comes just days after the disclosure of 20 billion reais of accounting “inconsistencies” on Jan. 11, which sparked a massive sell-off in its stocks and bonds. It also led creditors to block deposits and ask for early redemption of debts, leaving the company almost without cash for basic operations. 

The company had said earlier it could file for bankruptcy protection this Thursday. CNN Brasil and G1 website reported earlier on the filing. 

Americanas had been granted protection against creditors from a court in Rio de Janeiro on Jan. 13, which also forbade creditors from freezing or seizing assets. Banks rushed to file motions to overturn the decision, and days later Banco BTG Pactual SA was allowed to block 1.2 billion reais to compensate to part of the company’s debt, accelerating the crisis. 

Americanas Creditors Brace for Restructuring on Debt Blowup 

While Americanas said it’s still assessing the extent of the accounting flaws, its disclosures to investors so far imply it misreported numbers tied to financing of debts with suppliers while also wrongly deducting interest paid to lenders from its liabilities. The practice had two effects: It artificially increased profits and it reduced reported liabilities. The company is still assessing how far back the problems go, so adjustments that have already doubled liabilities are still not final. 

Americanas is one of the oldest and most iconic retailers in Brazil. The company has some 3,600 stores in more than 900 cities, over 5,000 suppliers and 40,000 employees. Lemann, Marcel Telles and Carlos Alberto Sicupira have been key shareholders for for 40 years. 

The reputation of the three 3G Capital Inc. billionaires, who own about 31% of the business, is also at stake. The trio held control of Americanas for decades until a 2021 restructuring in which they were diluted. Sicupira and Lemann’s son, Paulo Alberto, are on the board of Americanas, representing shareholders. The firm’s chairman, Eduardo Saggioro Garcia, is a partner and CEO at LTS Investments, the family office for Lemann, Sicupira and Telles.

Americanas Scandal Pits BTG Billionaire Versus 3G ‘Demigods’ 

The 3G trio has told the Americanas board they plan to keep supporting the company, according to a regulatory filing. They offered a 6 billion-real capital injection to creditors in negotiations on Friday, an amount that was seen as too low, according to people familiar with the matter. Creditors asked for more than 10 billion reais, the people said, and negotiations stalled.  

On Jan. 16, Americanas hired Rothschild & Co. as its adviser in the debt renegotiation. 

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