Deadlock with banks could lead to Abril's bankruptcy.

247 The rescue operation for Editora Abril has begun to go wrong. A stalemate between creditors and those interested in taking over the Group has jeopardized the survival of the country's largest magazine publisher. According to the newspaper Folha de S. Paulo, the banks considered the three proposals presented by investors to acquire the group's debt of over R$ 1 billion to be unsuitable. Santander, Bradesco and Itaú are the largest creditors of Abril, which has been in judicial reorganization since August.

The report It highlights that "in total, the company's debt reaches R$ 1,6 billion — R$ 90 million of which are labor liabilities."

He adds: "In December, the Civita family finalized the sale of the group to businessman Fábio Carvalho, with the support of the BTG bank, but the deal did not seal Abril's fate. The discussion of the bank debt is even more important." As the largest creditor, whoever holds the financial debt will be able to approve or reject the recovery plan at the meeting scheduled for March 19. Ultimately, they could even gain the power to impose their own proposal and end up taking control of the company.

The article also states that "if there is no agreement between the banks and those interested in buying the debt, the recovery plan could simply be rejected, and Abril's bankruptcy declared. According to the report, the banks do not want to be responsible for the publisher's collapse, but the default foreseen in the proposals under discussion is very significant."