Creditors approve Brazilian ethanol major Atvos' judicial recovery plan

Brazilian sugarcane field being harvest

May 21 (Renewables Now) - A significant majority of creditors have approved on Wednesday the judicial recovery plan of Atvos, a company that currently accounts for 10% of the ethanol supply in Brazil.

The document, which will be sent to the judicial authorities, specifies payment conditions for the different classes of creditors, with priority given to suppliers and agricultural partners.

Atvos said it intends to resume investments so that by the 2025/26 harvest it can grind roughly 35 million tonnes of sugarcane, enough to produce 2.7 billion litres (713.3 million gallons) of ethanol and generate 3,600 GWh of sugarcane biomass power.

For the 2020/2021 harvest, the company will invest BRL 350 million (USD 61.4m/EUR 56m) in renovating and expanding sugarcane fields, in agricultural equipment and in industrial improvements, targeting 1.9 billion litres of ethanol production, it noted.

(BRL 1 = USD 0.175/EUR 0.160)

More stories to explore
Share this story
About the author
Browse all articles from Lucas Morais

Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription