Clealco’s Queiroz Plant is about to be sold to Amerra

US manager presented two proposals for the acquisition of the unit

Just one year and four months after going to court with a bankruptcy filing , the Clealco group can sell its largest plant, following the creditors’ bankruptcy plan . The Queiroz unit, located in the homonymous city of São Paulo, has a crushing capacity of 4.5 million tons of sugarcane per crop.

According to information from the newspaper Valor Econômico, Amerra Capital Management reportedly submitted two proposals to buy the Queiroz plant. They were delivered on Wednesday (30) in a sealed envelope that opened at 11am on Thursday.

According to the report, Amerra was the only company to submit proposals for the acquisition of the plant. The first of these involves the $ 47 million cash payment directly to creditors, respecting their credit ratio. The second alternative would be the payment in installments of 40% of the debt of each creditor, plus the Referential Rate (TR) and 0.25% per year, with two years of grace.

But the deal is still not right: Both options need to be considered by lenders who have chosen to receive the money owed by Clealco through the proceeds of the sale of the unit. Although they do not represent the totality of creditors, they account for most of the sugar-energy debts.

Under the company’s reorganization plan, they have 15 days to reach a decision.

In an interview with novaCana in July this year, Cleaco CEO Alberto Pedrosa said the company had not set any minimum price requirements for the Queiroz unit . “What is there is a debt of around R $ 900 million to R $ 950 million that will be paid with the proceeds from the sale of this unit. Who will decide whether or not to accept the bid is the committee of creditors that holds this debt, ”he explains.

Currently, Amerra – specializing in agribusiness investment management – already controls two plants in the country: Ibirálcool, in Ibirapuã (BA), and Usinavi, in Naviraí (MS).

Loss and stopped plants

In the 2018/19 harvest, the loss recorded by Clealco was R $ 97.96 million . Although the result was negative, the loss was 83% lower compared to the previous year, when the plant had a negative net result of R $ 577.88 million.