BRAZIL: Creditors' meeting for São Fernando mill is suspended

Published: 03/20/2017, 3:40:09 PM

The creditors' meeting for São Fernando mill, sugarcane processor owned by the family of businessman José Carlos Bumlai, was suspended on Thursday and will be resumed on April 26, according to Brazil's Valor Econômico newspaper.

Creditors voted to suspend the meeting to have more time to analyze the new recovery plan presented by the company, which includes the sale to North-American investment fund manager Amerra.

Amerra intends to acquire the mill through the assumption of its debts, but at a discount, in a judicial auction. The sale of São Fernando mill could include, in addition to the sugarcane processing plant, two cogeneration units.

São Fernando mill is owned by the family of businessman José Carlos Bumlai, who was arrested in the scope of Brazil's anti-corruption probe dubbed Operation Car Wash.