Bankrupt Coffee Trader Coex Owes U.S., Europe Banks $200 Million

Bankrupt coffee trader Coex Coffee International Ltd. owes American and European banks about $200 million as the Miami-based firm starts insolvency procedures at a Florida court.

BNP Paribas’s Swiss unit is the biggest creditor, owed almost $55 million, followed by Amerant Bank and Bank of America, both owed about $39 million, court papers showed. Creditors may struggle to recoup their money as the value of secured claims exceeds Coex’s assets by almost $100 million.

Coex last week told clients it had decided to proceed with an “orderly liquidation” of the company after 40 years in business, according to a letter ...