Brazil's Heringer Proposes to Pay Unsecured Creditors 20 Percent of Debt Owed

Brazilian fertilizer company Fertilizantes Heringer SA proposed to repay unsecured creditors 20 percent of amounts owed them and to sell seven non-operating plants, as part of its restructuring plan, according to a securities filing on Wednesday, Reuters reported. The company filed for bankruptcy protection in February, closing nine of its plants in Brazil and laying off workers, as its liquidity situation deteriorated. Heringer’s unsecured creditors hold 1.7 billion reais of the company’s debt, the document showed. Secured creditors would be paid 60 percent what they were owed. Payments would start only two years after the restructuring plan is approved. Read more