Brazil's Imcopa's extrajudicial reorganization plan confirmed by court

By Caroline Salls

Pittsburgh, Aug. 4 - Imcopa Importacao, Exportacao Industria e Oleos SA's extrajudicial reorganization plan has been confirmed by a Brazilian court, according to a news release.

As a result, the terms of the reorganization are now binding on all of Imcopa's secured and unsecured creditors, including the holders of Imcopa International Cayman Ltd.'s $100 million of 10 3/8% notes due 2009, which the company guaranteed.

According to the release, the noteholders adopted an extraordinary resolution supporting the plan under a consent solicitation.

Imcopa said it is now turning its attention to implementing the steps of the reorganization plan.

"We have been able to navigate a challenging period in the history of both our company and the global economy and obtain approval for a restructuring plan that is fair to our creditors and will allow Impoca to continue to expand upon its position in the [soybean processor industry]," chief executive officer Frederico Jose Busato Jr. said in the release.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.