Brazil’s Habib’s Files for Judicial Recovery as OSX Creditors Back US$1.5 Billion Plan
Habib's owner filed for judicial recovery in Brazil with R$265.2 million (US$51.5 million) of debt, while OSX creditors approved a R$7.5 billion (US$1.5 billion) plan. The post Brazil’s Habib’s Files for Judicial Recovery as OSX Creditors Back US$1.5 Billion Plan appeared first on The Rio Times .
Brazilian fast-food chain Habib's filed for judicial recovery on August 24th, declaring R$265.2 million (US$51.5 million) in debt. On the same day, OSX's creditors, formerly owned by Eike Batista's shipbuilding company, unanimously approved a restructuring plan covering R$7.5 billion (US$1.5 billion) of debt. Habib's, which operates Ragazzo and Tendall restaurants, maintains that its establishments remain open, attributing financial challenges to the lingering effects of the COVID-19 pandemic.
However, OSX did not file for protection this week, having previously done so in January 2024, and the final confirmation of its plan still awaits a Rio de Janeiro court decision. While all unsecured creditors backed the plan, the labor class voted against it. The restructuring process will be supervised by a Sã Paulo court, while OSX's case will be handled by a Rio de Janeiro court.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
