Brazil’s Sequoia Files Out-of-Court Reorganization Plan

Brazilian logistics company Sequoia Logistica e Transportes S.A. submitted a request for approval of a reorganization plan after completing negotiations with the majority of its nonfinancial creditors.

The so-called out-of-court reorganization plan, which was filed in a regional court in Sao Paulo state, aims at the conversion and re-profiling of about 295 million reais ($52.6 million) in unsecured credits, the company said in a regulatory filing Friday night. Most of the credits belong to creditors who no longer supply or provide services to the company.

Unsecured creditors will have some options to choose how they want to receive their credits, ...