International Sugar Journal

Brazil – Sugar companies make headway in reducing debt [Registered]

Sugar and ethanol producers in Brazil have reduced their debt to the lowest level in five years through cost-cutting and almost no investments in cane processing capacity, according to the investment bank Itaú BBA, reported Reuters.

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Brazil – Low sugar price and devalued Real expected to increase bankruptcy filings [Full subscriber]

With global sugar price well below the production cost and unlikely to change in the foreseeable future along with the weak Brazilian real, industry indebtedness is expected to worsen, triggering a new wave of debt renegotiation and bankruptcy filings, reports Valor Economico.

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Australia – Mackay Sugar looks to sell one of its mills to reduce debt [Registered]

Mackay Sugar recently announced it is considering selling one of its mills to reduce the debt of some AU$212 million (US$159.5 mln), according to local press reports

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Brazil – Renuka Sugars to sell two of its plants to cut debt [Registered]

India’s Shree Renuka Sugars (SRS) is set to sell two sugar/ethanol plants of its Brazilian subsidiary Renuka do Brasil S/A (RdB). The move aims to reduce its consolidated debt burden by almost 50% reported Business Standard.

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Greece – Hellenic Sugar assets to be sold to ease debt [Registered]

The Greek government expects to obtain some EUR50 mln from the sale of factories in Serbia belonging to the struggling Hellenic Sugar Industry and some of the state company’s other unused assets, in a bid to come to an arrangement regarding its EUR150 mln debt to Piraeus Bank, reported Ekathimerini.

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Brazil – Sugar industry debt seen escalating to US$23.6 bln by end of season [Registered]

While the depreciation of the BRL favours exports it also raises the sector’s debt, said Itaú BBA’s director Alexandre Figliolino. Unica, the sugar industry body, estimates the sector’s revenue this harvest at nearly BRL84 bln, a 17% increase over the previous season but below the level of debt.

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Brazil – Banks takes Renuka do Brasil to court for defaulting on loans [Registered]

Renuka do Brasil owes BRL$23.4 million (US$6.25 mln) to Bradesco and R$17.4 million to Itaú. Both debts incurred from the issuance of Bank Credit Notes (CCB) that matured on January 23 this year.

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