Brazil Court Accepts Sugar Firm’s Bankruptcy Protection Request

A judge in Santa Adelia municipality in Sao Paulo state accepted a bankruptcy protection request from sugar-cane company Grupo Virgolino de Oliveira (GVO) on June 8, to file for bankruptcy protection, according to a court filling seen by Bloomberg.

• NOTE: GVO missed a payment on $735m of bonds in January 2015 and since then it has failed to restructure its debts with bondholders
• Co. has among main creditors Argentem Creek Partners and Amerra Capital Management
• GVO’s CEO Joamir Alves confirmed the court decision by text message
• Judge appointed the firm R4C Administracao Judicial to oversee the proceedings

To contact ...