• Condensed by Lynda Kiernan

Brazilian Soy Trader Offers Assets to Bunge, CHS Amid Bankruptcy

Seara Industria, one of Brazil’s 10 biggest commodity traders, has offered assets to both Bunge and CHS as a way to resolve disputes amid ongoing bankruptcy proceedings. Seara Industria & Comercio de Produtos Agropecuarios Ltda filed for bankruptcy in April of this year in order to restructure under a debt burden of US$667 million.

In July, the bankruptcy proceedings were halted after the judge ordered forensic accountants to investigate claims by the company’s creditors that the company had falsified financial statements. As a move to resolve the case, Seara Industria proposed an out-of-court deal through which it would offer its grains port and transshipment terminals to Bunge and CHS.

Seara owes CHS approximately $218 million as its largest creditor. Other creditors include Rabobank Groep NV, which is owed approximately $82 million; Credit Suisse Group AG, which is owed about $15 million; and Bunge subsidiary, Bunge Alimentos SA, which is owed about $18 million.

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Lynda Kiernan is Editor with HighQuest Group Media and of the Oilseed & Grain News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@highquestgroup.com.

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