Fibria Continues Asset Sales

Sep 11, 2012

Brazil’s Fibria has agreed to sell its Losango forest assets in southern Brazil to Chile’s CMPC, it says, for BRL615m ($304m). The asset is the latest outside Fibria’s core business to be sold as a part of a long-term deleveraging plan that has included numerous debt refinancing and an equity raise this year. The Chilean pulp and paper producer plans to make the cash payment to Fibria unit in three steps....

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management