A leading Brazilian export company has filed for bankruptcy protection in hopes of restructuring more than $288 million in debt.
Terra Forte, an exporter and coffee producer, recently filed for protection in a Sao Paulo state court, according to a Reuters news service report citing a law firm connected with the case. The exporter also hopes to raise another $15.4 million in investment capital to continue operations.
Terra Forte is based in Sao Joao da Boa Vista and operates a terminal in Santos. The company has the capacity to ship about 2.5 million bags of green coffee each year, according to Reuters. It also manages seven coffee farms in the states of Sao Paolo and Minas Gerais.
A Terra Forte spokesperson declined comment to Reuters but the law firm of Freire, Assis, Sakamoto e Violante released a short statement confirming the bankruptcy protection and saying, “When the restructuring is complete, the company has the objective to find a strategic partner in the market.”