Independencia Updates Workout Plan

Independencia Updates Workout Plan

Corporate & Sovereign Strategy

Brazilian meatpacker Independencia has filed a new proposal for its debt restructuring, following weeks of back and forth with its various classes of creditors. The new document, made available Friday, is the latest in a series of proposals that began in July. For holders of dollar denominated bonds, of which there is $525m outstanding in 9.875% in 2015s and 2017s, the latest proposal involves a 50% NPV loss and an exchange for a new 2016 12.000% PIK note. Independencia would be required to pay

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