April 14, 2009
Brazil's Agrenco plans to sell assets
Brazilian agribusiness group Agrenco Ltd. is planning to sell assets in order to resume operations, local financial newspaper Valor Economico reported Monday (April 13).
At the start of this year, creditors of Agrenco approved a judicial recovery plan worked out by the company and a civil judge.
Last year, Brazilian Federal Police arrested three executives who are no longer with the company, accusing them of diverting funds and manipulating the company's balance sheets.
Agrenco is a Brazilian-based Latin American grain and oilseed trading company created in 2005, and this year expanded its operations to Argentina.
The company is planning to sell a biodiesel unit based in Parana state and a logistics terminal in Argentina, said the report, citing Nelson Bastos, president of Integra Associados, a consulting group which is advising Agrenco in its recovery programme.
The sale of assets will be discussed at a general assembly with creditors on April 28.
According to the report, Agrenco has total debts of 1.2 billion reals (US$552 million).
