Second Brazilian Meat Company In Trouble
Just 24 hours after news emerged that Brazil's second largest poultry packer Sadia had lost more than $400 million on currency trading, Brazilian beef giant Arantes Alimentos Ltd, has filed for protection from creditors under legislation equivalent to the US Chapter 11 bankruptcy laws.
The company lawyers made the announcement on Tuesday, sending shock waves through the farming industry, in the wake of the problems at poultry giant Sadia.
The company has estimated debts of US$650 million, and its application will be studied by a judge, if granted they have 60 days to present a plan of recovery to the court.
The company lawyers made the announcement on Tuesday, sending shock waves through the farming industry, in the wake of the problems at poultry giant Sadia.
The company has estimated debts of US$650 million, and its application will be studied by a judge, if granted they have 60 days to present a plan of recovery to the court.
