April 15, 2009
Brazil's Agrenco expected to sell biodiesel mill in May
Brazilian agribusiness group Agrenco Ltd. is expected to sell its biodiesel mill to Brazilian biofuels company BSBIOS, local financial newspaper Valor Economico reported Tuesday (April 14).
The deal is in the final stages and should be concluded in May, Valor reported. BSBIOS was unavailable for further comment.
At the start of this year, creditors of Agrenco approved a judicial recovery plan worked out by the company and a civil judge. The sale of assets to resume operations will be discussed at a general assembly with creditors on April 28.
BSBIOS, which is located in Brazil's Rio Grande do Sul state, is expected to takeover the mill in neighbouring Parana state with a potential capacity of 130 million litres of biodiesel.
The mill has been evaluated at around 23.3 million Brazilian reals (US$10.6 million) by Setape, a company contracted to assess the value of Agrenco's assets, the newspaper reported.
