Creditors approve payment plan for Independência assets
29/11/2012
Tanneries at Nova Andradina in Mato Grosso do Sul and at Colorado D’Oeste in Rondônia, and four packing plants in different parts of Brazil have been approved for acquisition by a court after creditors of financially troubled Independência agreed to a payment plan.
Independência ran into financial difficulties at the start of 2009 and has been working with its creditors since November that year to reach an agreement on a payment plan. As part of the agreement, creditors will receive approximately 50% of what they are owed, but over a ten-year period.
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