Creditors accept Independência payment plan
06/11/2009
Creditors of packer and tanning group Independência, which stopped operations in February after running into financial difficulties have approved a payment plan that the company presented in São Paulo on November 5.
A group of around 1,500 livestock farmers from various Brazilian states was present and finally approved the deal after 12 hours of discussion. Independência will now pay them an initial $60,000 each and make up the rest of the debt it owes them over the next two years.
A spokesman for Acrimat, the association of livestock farmers in the state of Mato Grosso, Luciano Vacari, said afterwards: “This wasn’t the best result, but it was the best alternative available to us and we made a lot of progress on what we were offered originally. Our members showed great unity, professionalism and maturity during the negotiations. That’s the lesson we’ve all learned from this process; together we are stronger.”
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