JBS makes an offer for two tanneries and other Independência assets
24/04/2012
Independência ran into financial difficulties in 2009 and has been working with its creditors since November that year to reach an agreement on a payment plan. Selling off the company’s assets, collectively or separately, was viewed from the outset as an important part of the plan to recover money owed to creditors.
Creditors will have the opportunity to consider and approve or reject the offer from JBS, which JBS values at just over $140 million, with roughly half in cash and half in equity in JBS.
The Independência assets JBS wants to acquire are two tanneries in Nova Andradina in Mato Grosso do Sul and Colorado D’Oeste in Rondônia, as well as four abattoirs in Mato Grosso do Sul, Goiás and Rondônia, two distribution centres in São Paulo and all of Independência’s brands.
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