(Adds comment from Biosev chairman, context)
SAO PAULO, June 29 (Reuters) - Biosev SA, the Brazilian sugar and ethanol producer controlled by commodities trader Louis Dreyfus, said on Friday that Juan José Blanchard will replace Rui Chammas as its chief executive, according to a securities filing.
Blanchard has worked for Dreyfus since 1997, in several positions, including global head of oilseeds and director for fertilizers.
“He delivered relevant and positive results in complex markets and diverse economical cycles, and we are confident that his experience will be central in the new position,” Patrick Treuer, Biosev’s chairman, said in a statement.
Dreyfus’ sugar unit in Brazil has been a money-losing operation in recent years. The company posted a net loss of 1.27 billion reais ($327.62 million) in the 2017/18 crop season, after losing 600 million reais in the year before.
Biosev reached a deal with banks in March to extend maturities on 3.7 billion reais in debt. As part of the financing restructuring, Dreyfus injected $1 billion into the company by buying shares and increasing its controlling stake to 94 percent.
The heavy debt load, a large part of which is dollar-denominated, has hurt the company’s results.
But the operation reported its largest ever annual cane crush last season, at 32.7 million tonnes, making it the largest cane processor in the world behind Brazil’s Raízen, a joint venture between Royal Dutch Shell Plc and Cosan SA Industria e Comercio.
$1 = 3.8765 reais Reporting by Marcelo Teixeira Editing by Tom Brown and Paul Simao
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