February 22, 2017 / 1:50 PM / a year ago

Brazil builder PDG seeks protection from creditors -filing

SAO PAULO, Feb 22 (Reuters) - Brazilian homebuilder PDG Realty SA and subsidiaries will seek protection from creditors on Wednesday by filing to restructure its debts in a Sao Paulo court, according to a securities filing.

PDG said its efforts to restructure bank debts last year had not had the desired effect, as the group suffered from weak demand, growing sales cancellations, stalled construction projects and a number of lawsuits from clients and contractors. During the in-court restructuring, PDG said it would do its best to keep up commercial and operation activities and follow through on commitments to clients. (Reporting by Brad Haynes and Gabriela Mello; Editing by Lisa Von Ahn)

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