Brazil's Imcopa gets consents needed to amend 10 3/8% notes due 2009

By Angela McDaniels

Tacoma, Wash., June 18 - Imcopa Importacao, Exportacao Industria e Oleos SA has successfully completed its consent solicitation for the $100 million 10 3/8% notes due 2009 issued by Imcopa International Cayman Ltd., according to a company news release.

Noteholders voted at a meeting on June 17 on a proposal relating to "a number of matters arising under the notes," including some relating to covenants.

The company needed approval from holders of at least 75% of the notes.

As previously reported, Imcopa said it would only pay the coupon due May 27 if the proposal passed.

The company added that it hired Deloitte Touche Tohmatsu as a financial adviser and is working on a "broader restructuring plan aimed at obtaining sufficient resources to honor its debt obligations and facilitate the continued growth and development of its business."

The plan could include additional financing through new bank lines of credit and/or securities issuances as well as the extension of current debt maturities.

However, Imcopa said it will take "some time" to finalize a plan.

HSBC Securities (USA) Inc. (888 HSBC 4LM, call collect 212 525 5552, +44 20 7991 5874 or liability.management@hsbcib.com) was the solicitation agent. Lucid Issuer Services Ltd. (+ 44 20 7704 0880) was the information agent.

Imcopa makes soybean products and is based in Araucaria, Brazil.

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