Sugar and alcohol company of Odebrecht group intends to transfer part of R $ 15 billion debt from operating units, reducing debt in relation to cash generation
The Atvos , sugar and alcohol company in the Odebrecht Group, delivered on Tuesday, at 22 hours, your recovery plan in the São Paulo Court of Justice. The company’s proposal, which went into bankruptcy in May and has a debt of about $ 15 billion, as determined by law, points out that the priority with labor credits, which the company commits to repay within 12 months.
Regarding agricultural suppliers and partners, the company proposes that the payment be made within three years.
The company’s proposal, which went into court recovery in May and has a debt of about $ 15 billion, provides for the “transfer of part of the debt of operating units, which will reduce from six to less than three times the value of the company. company’s net debt to its cash generation before profit, taxes, depreciation and amortization – keeping this indicator at industry levels. ”
This reallocation includes amounts owed to financial institutions that represent 92% of total debt, the company explains in a statement.
For unsecured creditors, which are those without guarantees, in the category of micro and small businesses may opt to receive their credit within 90 days from the approval of the plan, within the limit of $ 50,000.
The proposal for lenders with collateral is to pay the amount in two tranches. The first, corresponding to 65% of the amount, would have a grace period of 5 years for payment of principal and 3 years for interest. The second will be paid with Atvos titles or participation in the company.
According to the company, the proposal sent to the court “strengthens the company’s capital structure and enables investments of R $ 1.1 billion per crop year”, which ensures some operations, “as well as the commitment to the most 10,000 employees, their families, communities, partners, suppliers and customers. “
According to the company’s proposal, the financial balance, which provides for a consolidated minimum cash of R $ 800 million to be verified annually, will allow Atvos to continue with its business plan.
‘Estadão / Broadcast’ published last month that lender Castlelake is interested in staying with the company.