Independencia Creditors Acquiesce in Workout

Independencia Creditors Acquiesce in Workout

Corporate & Sovereign Strategy

Creditors of Brazilian meat giant Independencia have approved the company’s debt restructuring plan. The deal involves taking a 50% NPV loss on $525m worth of 9.875% coupon 2015 and 2017 bonds and exchange them for a new 12.000% PIK note due 2016. Some 70% of creditors holding the unsecured debt approved the deal, according to a company official. In a statement, Independencia also notes that 100% of the company’s worker creditors who are owed salary, and 98% of secured creditors approved the dea

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