Brazil’s Cultura Bookstore May Have Bankruptcy Decreed Later This Week

Several creditors, including former employees of the company, claim that the bookstore has not fulfilled its obligations.

RIO DE JANEIRO, BRAZIL - Cultura Bookstore's request to approve a new bankruptcy protection plan was rejected by Judge Marcelo Sacramone of the 2nd São Paulo Bankruptcy Court.

According to the judge's decision, the company has five days, counting last Friday, September 18th, to prove that it has fulfilled all obligations of its bankruptcy protection plan, under penalty of having its bankruptcy decreed. According to information from O Globo, Cultura will appeal the decision.

The bookstore has debts of approximately R$285 million (US$57 million) and argued at the creditors' meeting on September 14th the need to . . .

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