December 19, 2019
Brazil's Renova Energia has presented a judicial recovery plan that relies on asset sales to raise the money to pay off creditors over 14 years.
In the proposal filed on Tuesday evening, Renova said it will make 24 semiannual payments after a two-year grace period to meet its debt obligations.
The company listed BRL2.5 billion ($616 million) in debt in its judicial recovery plan, including BRL552 million owed to its shareholders and BRL406 million in intercompany loans.
In November, when Renova
Brazilian renewable energy company drafts asset sale program to pay off creditors over 14 years