Creditors reject bid for Clealco mill

Creditors reject bid for Clealco mill

M&A Debt Corporate & Sovereign Strategy Brazil US

Creditors for Clealco, a Brazilian sugar and ethanol producer that filed for bankruptcy protection in July 2018, have blocked the sale of the Queiroz mill to the US asset management firm Amerra Capital Management. Amerra had presented the only bid for Queiroz, offering to buy the mill for $47 million, but the creditors balked at the price. The offer from Amerra equalled $15 per tonne of sugarcane, which the creditors considered too low, Clealco said in a statement. According to the local newspap

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