Brazil Judge Grants Pimco-Backed Unigel Bankruptcy Protection

A Brazilian judge accepted a bankruptcy protection request from fertilizer maker Unigel Participacoes, which has been struggling for more than two years of trying to re-work its debt.

The request was approved by a Sao Paulo judge, Brazilian media reported on Friday. The company confirmed the information, declining to comment further.

Earlier this year Unigel completed an out-of-court restructuring, which included a debt-for-equity conversion that gave creditors led by Pacific Investment Management Co. a 50% ownership stake. Just a few months later, Unigel was said to be seeking up to $100 million to fund investments and refinance debt to ...