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)