AMERICAS DISTRESS DAILY: Unigel Loan Could Force Bankruptcy

Struggling Brazilian fertilizer maker Unigel Participacoes has received an offer of a loan of as much as $100 million from investment firm ARC Capital, founded by ex-Credit Suisse executive Sergio Machado.

• The loan would be a debtor-in-possession type of funding that could be used to finance new investments. The deal would require Unigel filing for bankruptcy protection against creditors.
• The company completed an out-of-court restructuring earlier this year, which included a debt-for-equity conversion that gave creditors led by Pimco a 50% ownership stake.

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