Brazilian steel group Aço Cearense reaches deal with creditors

Creditors of Brazilian steel producer and distributor Aço Cearense earlier this month approved a plan for the company’s business recovery which included a restructuring of most of its debt.

The company reached a deal with its creditors on November 9, in a meeting attended by 82% of its creditors, which between them held 98% of the company’s debt.
Aço Cearense filed for bankruptcy protection in May 2017, after being affected by problems in the country’s steel sector.

When it filed for bankruptcy protection, Aço Cearense’s total debt was 1.83 billion Reais ($488.6 million), and...

Published

Felipe Peroni

November 26, 2018

19:37 GMT

São Paulo