Agriculture
Unigel’s Pimco-Led Creditors Back Out-of-Court Restructuring
- Brazil fertilizer maker struggling amid plummeting earnings
- Company had Monday deadline to get support from creditors
Fertilizer stored in a warehouse near Brasilia, Brazil.
Photographer: Andressa Anholete/BloombergThis article is for subscribers only.
Unigel, the struggling Brazilian fertilizer maker, obtained approval from a majority of creditors including Pacific Investment Management Co. for its out-of-court restructuring plan, people familiar with the matter said.
Holders of more than 50% of its debt backed the proposal, according to the people, who asked not to be identified because they’re not authorized to speak about it. The company had until Monday to gather support from more than 50% of creditors and avoid a bankruptcy filing.