Fitch expects 10% to 30% recovery on Aralco unsecured debt

Fitch expects 10% to 30% recovery on Aralco unsecured debt

Fitch said investors were likely to get back 10% to 30% on the face value of unsecured debt from Aralco after the Brazilian sugar and ethanol firm filed for bankruptcy protection. The firm has one international bond outstanding, a 10.25% $250m 2020 NC 2016 which it sold last year. Aralco’s high proportion of secured debt, low land-holdings, and the distressed nature of the sector contributed to below-average recovery prospects, Fitch said on Thursday. Low global sugar prices have compounded the

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