Biosev $1 Billion Bailout Ramps Up Pressure on Louis-Dreyfus
- Sugar producer Biosev says accord reached on capital injection
- Agreement also struck with 11 creditors to extend bank loans
Biosev SA’s Santa Elisa mill in Sertaozinho, Brazil.
Photographer: Paulo Fridman/Bloomberg
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Margarita Louis-Dreyfus, the billionaire owner of the eponymous commodities trader, has agreed to bail out her struggling Brazilian sugar business with a $1.05 billion capital injection, ramping-up financial pressures on the Russian-born heiress.
The Biosev SA rescue boosts obligations burdening Louis-Dreyfus, who faces an unrelated $1 billion cash call to buy shares in Louis Dreyfus Holding BV from other family members under a deal struck years ago. The need for extra funds comes as her commodities trading house, Louis Dreyfus Co., suspended dividends in 2017 for the first time in 13 years.