Dedini, which for many years was the leading supplier of turnkey sugar and ethanol plants to Brazil’s cane belt, and one of the largest such companies in the global sugar sector, filed a request for bankruptcy protection in Piracicaba (where it is based), on 24th August. Total liabilities of the company is around BRL$ 300 million (US$83.6 mln), said its lawyer, Julio Mandel. The creditors are banks, employees, suppliers and tax authorities.
Brazil – 100 mills in Center-South in danger of going out of business warns Banco Itau BBA [Registered]
Figliolino was candid about the financial stress mills are facing “The debt scenario, exacerbated by rising interest rates, endangers 35% of units in function of weight in financial expenses in its results. It is reaching its limits. We are in a very negative macroeconomic environment. The business environment in Brazil is very bad. The climate of risk aversion is huge”.
Monthly Snapshot
Raw sugar for March delivery settled at 19.82 cents/pound on January 18 after reaching a two-and-a-half-week high earlier in the session at 20.25 cents. The white sugar contract expiring in […]
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