By Brazil Stock Guide – Inbrands S.A., owner of Brazilian fashion brands Ellus, Richards, VR and Bobstore, won unanimous bondholder approval in two Sept 9, 2025 meetings to ease near-term payments. The company suspended amortizations due in September and October on two series of its 4th debenture issuance, with payments set to resume Nov 12.
In the 1st series, representing 345,500 debentures, investors agreed to cap interest payments at R$ 2 million in September and October, with the remainder added to principal. In the 3rd series, comprising 113,200 debentures, creditors approved full postponement of interest to November, with capitalization into a single period.
The 1st series included major institutions such as Banco Bradesco and structured credit funds. The 3rd series featured BRL Trust, manager of the NAF Enigma III fund. In both cases, investors waived the option to accelerate maturities, preserving contract terms.
The deal gives Inbrands relief amid financial strain in Brazil’s retail sector, marked by high leverage and tight margins. By deferring amortizations and adjusting interest, the company buys time to shore up cash and keep talks with creditors without triggering default.
Inbrands’ financial snapshot
In the second quarter of 2025, Inbrands (B3: INBR3) reported net revenue of R$ 104.5 million, down 3.2% from a year earlier. EBITDA fell 13.3% to R$ 21.3 million, while net losses more than doubled to R$ 30.9 million.
The quarter was pressured by higher financial expenses, which jumped 59.8% to R$ 40.2 million. Despite a steady gross margin of 72.6%, operating cash flow dropped 23% in the first half, underscoring the company’s struggle to balance heavy debt while sustaining its premium fashion brands in Brazil.