Brazilian companies filed for “judicial recovery,” the local equivalent of U.S. Chapter 11 bankruptcy, in record numbers last year, according to a report Monday by the Serasa Experien credit rating agency. The report said 1,287 companies filed for protection from creditors in 2015, up 55% from 2014. The 2015 figure was a record for filings under the 2005 Judicial Recovery Act. Companies large and small were hurt in 2015 by falling consumer demand, rising interest rates and a steep depreciation of the Brazilian Real against the U.S. dollar that made overseas debt dramatically more costly to service, the report said.
Link to Serasa Experian release.More Testimonials