NEW YORK, March 5 (IFR) - Troubled Brazilian sugar company
Aralco has filed to restructure its debt, a market source said
Wednesday, just two months before its next interest coupon
payment was due.
Hit by multi-year lows in sugar prices as well as problems
with short-term cash flows, the company was said to have filed
for a restructuring late last week.
In an email to an investor seen by IFR, Aralco investor
relations official Yutaka Lima said more details would be
provided in a conference call on Friday. A company spokesperson
was not immediately available for comment.
The company's bonds have been pummeled in the secondary
markets of late, and have been hit further Wednesday.
Its outstanding 2020 bonds were hovering around 14.00 on
Wednesday afternoon. They were as high as 56.00-59.00 in