Paranapanema heads for judicial recovery

Paranapanema heads for judicial recovery

Corporate & Sovereign Strategy Debt Brazil Capital Markets

Brazilian copper company Paranapanema said Wednesday that it filed for judicial recovery in a São Paulo court, according to a securities filing. The company said it has to restructure BRL450 million ($86.7 million) in debt, following issues last year at Caraiba Metais, one of its plants in Bahia. Paranapanema added that it already reached an agreement to restructure BRL2.6 billion debt with banks. Paranapanema said it will present a recovery plan at a meeting with creditors, but it added that it

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial