USJ files for bankruptcy protection

USJ files for bankruptcy protection

Debt Equity Brazil Capital Markets Energy

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

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