(SeeNews) - Oct 31, 2013 - Brazil's sugar and ethanol producer Clealco Acucar e Alcool sweetened its bid for the assets of troubled sector firm Campestre, offering BRL 187 million (USD 85.2m/EUR 62.1m) for them.<br /> The offer is valid for the assets of the production unit in Penapolis, southeastern Sao Paulo state, which was set up after Campestre entered in judicial recovery process in 2009. The offer will be officially presented to Campestre's creditors on November 5.<br /> Clealco's proposal foresees payment in installments by December 2018. The new offer will also include the assumption of Campestre's BRL-530-million debt. Furthermore, Clealco will invest in Campestre. According to its calculations, the return to the plant's normal operation will require investments of BRL 166 million in the next five years.<br /> Clealco's previous offer for Campestre dates from August. At that time it offered to pay BRL 97.6 million divided in seven annual installments and to inject BRL 66 million in recovering the mill's sugar cane crushing capacity and another BRL 100 million in working capital.<br /> At present, Clealco operates two mills in Sao Paulo.<br /> (BRL 1.0 = USD 0.456/EUR 0.332)
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