BRAZIL · COMPANY NEWS
Key Facts
- The witness Sergio Rial, a banker who formerly ran Santander’s Brazilian arm, led retailer Americanas for under two weeks in January 2023.
- The hole Americanas disclosed accounting inconsistencies of about R$20 billion (about US$3.6 billion) on 11 January 2023.
- His account Rial told senators he learned on 4 January that bank debt had not been recorded as bank debt.
- Now A Rio court ended the company’s court-supervised restructuring on 19 October 2026, subject to appeal.
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
Sergio Rial, who ran Americanas, one of Brazil’s best-known retail chains, for only days before it disclosed accounting inconsistencies, has given a first-hand account of what he found. He gave it to the Senate’s economic affairs committee on Tuesday 28 March 2023.
His account is his own testimony, not a court finding. It matters again because a Rio de Janeiro court ended Americanas’ court-supervised restructuring on 19 October 2026.
What Rial Says Happened in January 2023
Rial took over as chief executive at the start of January 2023. He told the committee he learned on Wednesday 4 January from two company directors that bank debt had not been recorded as bank debt.
On Friday 6 January the directors explained the matter to Beto Sicupira, one of Americanas’ three controlling shareholders, and on Monday 9 January Rial briefed the company’s auditor, PwC, a global accounting firm. Rial said the shareholders appeared surprised.
On Wednesday 11 January Americanas published a notice to the market, a mandatory stock-exchange disclosure, putting the inconsistencies at about R$20 billion (about US$3.6 billion at the rate of R$5.58 per US$ on 10 November 2026). Rial resigned the same day, and Americanas filed for court protection from its creditors, a process similar to Chapter 11 in the United States, on 19 January.
What He Told the Senators About the Information
Rial said he received nothing in writing between 4 and 11 January and had to extract information bit by bit. He also told senators that no precise figure for the debt was available at the time.
The account describes who told him what, not who is guilty. It is his own testimony, given more than three years ago.
Where Americanas Stands Now
On Monday 19 October 2026 Rio de Janeiro’s specialised business court ended Americanas’ court-supervised restructuring, known in Brazil as judicial recovery. The decision remains open to appeal, so creditors can still challenge it.
Our report on the ruling has the details of the decision. Our Brazil page follows other Brazilian company stories.
What It Means for You
For investors, the case shows how an undisclosed debt can push a large retailer into court protection within days of coming to light. It is also a reminder to read the debt notes in the accounts of any Brazilian company before buying its shares or bonds.
The company sought court protection eight days after its notice to the market. Our report on Brazilian bank health shows how regulators now describe credit risk in the system.
What Is Not Known
Who is legally responsible for the accounting problems is for courts and regulators to decide. Rial’s account covers only the days he was in the job.
Frequently Asked Questions
Who is Sergio Rial?
Sergio Rial is a Brazilian banker who previously ran Santander Brasil. He became chief executive of Americanas in January 2023 and resigned on 11 January.
Is the Americanas restructuring over?
A Rio court ended the court-supervised restructuring on 19 October 2026. The decision can still be appealed.
Sources: Brazilian Senate Economic Affairs Committee hearing, 28 March 2023; Americanas notice to the market, 11 January 2023; Rio de Janeiro business court decision, 19 October 2026.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
Brazil runoff, Sunday, October 25: Brazil runoff date. Latest: Brazil runoff polls, Flávio 51%, Lula 49%.