Brazilian brewer Grupo Petrópolis’s moved its judicial recovery forward after creditors approved proposals to deal with the company’s BRL5.6 billion ($1.1 billion) of debt.

Some 5,000 creditors are seeking to recoup money from 30 companies that are part of the brewing group. The largest creditors accepted a 25% haircut with payments extended until 2035 under the plan.

“Grupo Petrópolis believes the plan will allow it to take the necessary measures to adjust the the company’s debt level and capital structure,” according to a securities filing on Tuesday.

A São Paulo court approved the firm’s judicial recovery program in March but has yet to ratify the agreement with creditors. According to a previous filing, Petrópolis owed BRL216 million to the local subsidiary of Spanish bank Santander as well as BRL109 million to investment firm Fundo Siena, BRL47.5 million to midsize lender Daycoval, BRL9.2 million to Banco BMG and BRL1.4 million to Banco Sofisa.

Last week, the company sold most of its truck fleet to Brazilian truck rental company Vamos for BRL576 million in cash.

Petrópolis’ brands include Itaipava, Petra and Cacildis.


Also in Brazil, fashion retailer M. Officer filed for bankruptcy protection at a São Paulo court, reporting debts of BRL53.6 million. The company, which was founded by designer Carlos Miele, has 12 stores in four Brazilian states. In a filing, the company blamed “the entrance of giant Asian competitors” into the local market.