April 11, 2019 / 1:07 PM / 2 months ago

Brazil's Heringer proposes to pay unsecured creditors 20 pct of debt owed -filing

SAO PAULO, April 11 (Reuters) - 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.

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.

To raise new funds, Heringer also would sell seven of plants, none of them currently in operation. In January, the company had already decided to close down nine plants, leaving 16 plants extant. It is currently operating with seven plants.

Reporting José Roberto Gomes; Writing by Carolina Mandl

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