Acucar e Alcool says default-recovery submission date near

By Wendy Van Sickle

Columbus, Ohio, April 26 – U.S.J. – Acucar e Alcool SA said the period for holders of three series of notes to submit an electronic instruction to receive the default recovery in connection with the company’s solicitation of recovery elections expires on April 27, according to a news release Tuesday.

The Dec. 28, 2021 recovery elections solicitation to holders of the three series of notes, including the 9 7/8% senior notes due 2019, 9 7/8%/12% senior secured PIK toggle notes due 2021 and 9 7/8%/10˝% senior secured PIK toggle notes due 2023, ended at 5 p.m. ET on April 2, as previously reported.

The election recovery solicitation was aimed at allowing holders to decide whether to receive their claims through the alternative payment option or default recovery in connection with its judicial restructuring plan.

Holders who selected the alternative payment option were expected to receive their claims under the notes in payment in kind to be effected through the exchange of the notes for an interest in a liquidating trust to be created by the ad hoc group of holders.

Holders who did not elect to choose this option or did not submit a valid election recovery will have their claims restructured and paid in accordance with default recovery and are required to submit their electronic instructions and default recovery submission forms to the solicitation agent by April 27.

As of the expiration of the solicitation, recovery elections were received from the holders of 96.58% in aggregate principal amount of the outstanding notes, corresponding to 79.25% in principal amount of the 2019 notes, 58.04% of the 2021 notes and 97.58% of the 2023 notes.

Any questions may be directed to D.F. King & Co. Inc. (212 269-5550; 866 797-6867, usj@dfking.com) as solicitation agent.

The sugar and ethanol producer is based in Sao Paulo, Brazil.

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