Yahoo Finance | Jan. 20, 2023
Hours after revealing a scandal that would roil Brazilian markets, Sergio Rial joined a Zoom call with hundreds of panicked investors. It was an attempt to explain the $4 billion accounting gap that pushed him to quit his new job at the helm of retailer Americanas SA.
The Jan. 12 call was a tumultuous mix of English and Portuguese that some analysts were locked out of because the meeting reached its 1,000-participant capacity. Those who were able to cram into the headquarters of Banco BTG Pactual SA — the Sao Paulo-based creditor that was hosting the event — were left “perplexed” by Rial’s presentation, as one participant put it.
Within a week, the company filed for bankruptcy protection with $8.2 billion of debt.
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