August 18, 2021 |
Brazilian sugar and ethanol producer Grupo USJ has sought protection from its creditors, according to Official Gazette of the State of São Paulo, a move comes after it defaulted on its bonds.
In April, UMB Bank, acting on behalf of 26 funds and international bondholders to sue USJ to recover BRL1.9 billion ($360 million) in arrears from 2023 senior notes that were issued in 2019.
"They have been in a complex situation for a long time. They invested heavily shortly before the market crashed," an
Brazilian sugar company says most creditors have agreed to its plans to emerge from default