Brazil Judge Names Bankruptcy Administrator for Atvos

A Brazilian judge has named restructuring firm Alvarez & Marsal as judicial administrator of ethanol company Atvos’ in-court restructuring, according to a document seen by Reuters. Atvos, a unit of industrial conglomerate Odebrecht SA, filed for bankruptcy protection on Wednesday after creditor Lone Star Funds got a court decision blocking its cash position, Reuters reported. The company, which has nearly 12 billion reais ($3 billion) in debt, had offered creditors a debt-for-equity swap in the beginning of the year, but failed to reach an agreement. Read more

Location