GPA restructures BRL 4.57B in debt and targets BRL 200M injection

Companhia Brasileira de Distribuição, known as GPA, secured court approval for its extrajudicial debt restructuring plan on October 7, 2026. The 3rd Bankruptcy and Judicial Restructuring Court of São Paulo homologated the agreement after GPA obtained approval from 57.49% of eligible unsecured creditors, as disclosed in a regulatory filing with the CVM.

The restructuring encompasses BRL 4.568 billion in debt, addressing a heavy maturity schedule that concentrated BRL 4.5 billion due through 2028. Before the plan, the retailer faced scheduled amortizations of BRL 1.908 billion in 2026, BRL 1.029 billion in 2027, and BRL 1.565 billion in 2028, with an average debt maturity of 2.1 years and an average interest spread of 1.8% above the CDI rate.

Under the approved restructuring terms, BRL 2.0 billion becomes restructured pecuniary debt that is not convertible into equity. This tranche extends GPA's average debt maturity to 6.4 years while reducing the interest spread over CDI to 0.5%. The plan also includes BRL 1.1 billion in convertible debt maturing between 2027 and 2031.

Following the court confirmation, GPA is launching a facility to raise BRL 200 million in fresh liquidity under its new resources framework. Creditors have been granted an election window of 30 days to select their preferred payment modality.