Brazilian Fertilizer Firm Heringer Restructures, Closes Plants

Brazilian fertilizer company Fertilizantes Heringer SA has decided to close several of its plants and distribution centres as part of a restructuring plan to lower its debt burden, two sources told Reuters on Thursday, the International New York Times reported on a Reuters story. Heringer, one of the largest players in the Brazilian fertilizer market, sent a message to workers on Thursday in at least 10 installations, including plants and regional offices, advising them that they faced closure, according to a e-mail message seen by Reuters. Workers in those units would be laid off. Heringer has around 3,000 employees; it was unclear how many would lose their jobs. In the message, CEO Dalton Carlos Heringer said the restructuring became necessary after some creditors obtained a favourable court decision allowing them to freeze bank accounts to guarantee debt repayment. Heringer's press office did not confirm the existence of the memo and said it would return a call seeking details. Read more