Lawyer says JBS offer gives Independência a chance to sort out its future
02/05/2012
JBS has made an offer to acquire some of the assets of rival group Independência, including two tanneries in Nova Andradina in Mato Grosso do Sul and Colorado D’Oeste in Rondônia, as well as four abattoirs and two distribution centres. Independência ran into financial difficulties in 2009 and has been working with its creditors since then to reach an agreement on paying back money it owes. JBS’s offer is for around $70 million in cash and the same amount again in equity.
Pedro Paulo Gasperini, a lawyer representing Independência, has said he believes the offer will give the company an opportunity to resolve its future. “No one likes administration,” he told local media recently. “The truth is everyone involved is a bit worn out. But we have to realise that the time has come now to resolve the big questions hanging of Independência’s future.”
A creditors’ group is weighing up the offer. JBS chief executive, Wesley Batista has said he hopes to tie the deal up within 30 days of gaining the creditors’ approval.
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