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Havanna stock, Havanna Brasil

Havanna stock faces Brazil restructuring over R$127 million debt

Published on 11/02/2026 at 00:36 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Havanna stock is exposed to a Brazil restructuring involving its cafe operator and five related firms. The court process remains pending.

Brazil restructuring puts pressure on expansion

  • Havanna's Brazil operator joined five related firms seeking an out-of-court debt restructuring.
  • The group postponed its 500-store target and reduced its 2026 revenue projection.
  • The case highlights the financial risks of a mall-heavy franchise model.
Havanna stock, Havanna Brasil, Café del Plata, Brazil restructuring, franchise business, Illustration mit AI erstellt.
Havanna stock, Havanna Brasil, Café del Plata, Brazil restructuring, franchise business, Illustration mit AI erstellt.

Havanna's Brazil operator has joined five related companies seeking an out-of-court restructuring of 127 million Brazilian real in financial debt, according to CaseStudies.Chat. The report was published on October 7, while the underlying filing and related business developments predate the publication.

Debt pressure reaches Brazil operator

Café del Plata, the company operating the Havanna cafe chain in Brazil, asked Sao Paulo's courts to approve an extrajudicial recovery plan together with five affiliated companies. The group said the companies operate in an integrated structure, share guarantees and maintain common control and financial relationships.

The restructuring places Havanna Brasil's expansion model under scrutiny. About 97 percent of its 250 locations are in shopping malls, while only three stores are company-owned, leaving the operation reliant on franchisees, landlords and consumer traffic in malls.

The group postponed its target of reaching 500 stores from 2026 to 2028 and reduced its 2026 revenue projection to 450 million Brazilian real. It continued to target more than 700 locations by 2030 in a later statement, but the restructuring process shows that expansion is being reassessed alongside debt and occupancy costs.

What investors should watch next

The immediate issue is whether Sao Paulo's justice system approves the proposed arrangement and how the plan affects creditors, suppliers and franchisees. The report said Havanna Brasil maintained that the process arose from obligations contracted by other group companies and was intended to protect its operations.

Investors should distinguish the Brazil operator's restructuring from the financial position of Havanna's listed Argentine entity. The available report did not disclose how much of the 127 million Brazilian real is attributable directly to Café del Plata.

Havanna market profile

  • Company: Havanna Holding SA DRC
  • Ticker: HAVAm
  • Market: Buenos Aires
  • Currency: Argentine peso
  • Business: Cafe and confectionery chain with franchise operations in Brazil
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