Brazil's Usina Sao Fernando creditors approve judicial recovery plan

(SeeNews) - Sep 25, 2013 - The creditors of Brazilian sugar and ethanol mill Sao Fernando Acucar e Alcool, located in central-western Mato Grosso do Sul state, yesterday approved the judicial recovery plan presented by the company.

Sao Fernando, owned by businessman Jose Carlos Bumlai, has debts of some BRL 1.3 billion (USD 590.6m/EUR 438.5m), BRL 1 billion of which owed to local banks. The mill is the first built after the ethanol investments boom in 2008 to file judicial recovery.

Sao Fernando has capacity to process 4.5 million tonnes of sugar cane per crop. In the ongoing 2013/14 crop year, the company targets to crush 3.924 million tonnes, which will be a 15% annual rise. The mill expects a revenue of BRL 502 million, or by 4.5% higher in comparison to the previous crop year.

(BRL 1.0 = USD 0.456/EUR 0.338)

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