Tough decision for Independência creditors
04/11/2009
More than 1,500 livestock farmers from the Brazilian states of Mato Grosso, Mato Grosso do Sul, Rondônia, Minas Gerais and Goiás arranged a meeting in Santo Amaro, in São Paulo state to discuss new proposals for paying them some of the money owned by packer and tanning group Independência.
Independência put all its operations on hold in February and said it had been badly affected by the international financial crisis. In April, it handed in the necessary documents to set a recovery plan in motion and was able to begin operations again at some abattoirs and tanneries.
The company owes many of the farmers millions for cattle it processed but never paid for. At the meeting in Santo Amaro, the farmers will discuss the proposal that they make do with around $60,000 each as an initial payment, with Independência claiming it will pay the difference within two years.
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