Brazil Coffee Exporters Seek Debt Renegotiation
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A rally in coffee futures that’s increasing the financial cost of operating in the market has spurred two exporting companies in the world’s top supplier Brazil to seek debt renegotiation.
The companies, Atlântica Exportação e Importação SA and Cafebras Comércio de Cafés do Brasil SA, have jointly filed a request with a local court asking for a 60-day grace period. That’s a preliminary step that companies can use while renegotiating with creditors in order to avoid going through a formal bankruptcy protection process, said Daniel Vilas Boas, a lawyer for the companies.