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Bankruptcy Filing Deepens Woes for Cocoa Firm Hit by Brexit

  • Transmar Commodity Group seeks Chapter 11 protection
  • Supplier to Nestle, Mars owes over $400 million to creditors
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The U.S. unit of Transmar Group, which supplies cocoa products to companies including Nestle SA, has filed for bankruptcy as financial turmoil spreads from the firm’s European business, which was hit by the Brexit vote.

Transmar Commodity Group Ltd. sought court protection from creditors on Dec. 31 in Manhattan and owes more than $400 million to banks and other creditors, a filing showed Tuesday. The firm plans to operate during the proceedings, the unit’s Chief Restructuring Officer Robert Frezza said.