Wed Mar 5, 2014 2:56pm EST
NEW YORK, March 5 (IFR) – Troubled Brazilian sugar company Aralco has filed to restructure its debt, a market source said Wednesday, just two months before its next interest coupon payment was due.
Hit by multi-year lows in sugar prices as well as problems with short-term cash flows, the company was said to have filed for a restructuring late last week.
In an email to an investor seen by IFR, Aralco investor relations official Yutaka Lima said more details would be provided in a conference call on Friday. A company spokesperson was not immediately available for comment.
The company’s bonds have been pummeled in the secondary markets of late, and have been hit further Wednesday.
Its outstanding 2020 bonds were hovering around 14.00 on Wednesday afternoon. They were as high as 56.00-59.00 in December.