SAO PAULO (Reuters) – Brazilian retailer Americanas SA on Thursday failed to succeed in a deal on proposal to collectors that included a multi-billion-real capital injection by key shareholders as a part of its chapter course of.

Americanas, which has the billionaire trio that based 3G Capital as reference shareholders, entered chapter safety earlier this yr after uncovering roughly $4 billion in “accounting inconsistencies.”

The retailer stated the provide offered to collectors by monetary advisor Rothschild & Co included a capital enhance of seven billion reais ($1.34 billion) backed by the trio shaped by Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupura.

The proposal additionally included the repurchase of debt of about 12 billion reais and conversion of roughly 18 billion reais in debt to fairness, Americanas added in a securities submitting, whereas noting no deal had been reached.

“The corporate expects to maintain holding constructive talks with its collectors within the seek for an answer, permitting it to take care of its actions,” stated the retailer, whose shops are ubiquitous at Brazilian procuring malls.

Shares in Americanas have been up 8% in noon buying and selling, though nonetheless down roughly 87.5% year-to-date.

($1 = 5.2405 reais)