PDG Realty denies report it is filing for bankruptcy protection
SAO PAULO, Sept 28 (Reuters) - PDG Realty SA said it continues to discuss options with its financial advisers, denying a newspaper report that it would soon file for bankruptcy protection, the Brazilian homebuilder said in a securities filing.
PDG said it is still weighing alternatives to strengthen its capital structure and restructure its finances, the company said in the filing.
"There is no decision made in relation to filing for bankruptcy protection, as there have not been, on the part of company representatives, any discussion with banks regarding this matter," the statement said.
On Wednesday, Brazilian newspaper O Estado de S.Paulo reported that PDG would likely seek protection from creditors by the end of the year and said the company was in advanced talks with a financial adviser to help it in the effort.
PDG, the biggest listed homebuilder in Brazil until a few years ago, has struggled to regain profitability after a failed expansion plan, posting net losses in each of the past nine quarters. (Reporting by Paula Laier; Writing by Ana Mano; Editing by Leslie Adler)
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