BRAZIL: Sugarcane mills among top debtors with workers severance fund
Published: 05/16/2018, 5:42:21 PM
Three Brazilian sugarcane processors are among the country's top debtors with the public workers severance fund FGTS, reports UOL news website.
Bankrupt Laginha Agro Industrial, located in the northeastern state of Alagoas, is number seven in the ranking of Brazilian companies with the highest debts with FGTS, totaling BRL103 million (US$29.12 million).
In the twelfth position is Zihuatanejo do Brasil Açúcar e Álcool (BRL75 million/US$21.20 million), in Pernambuco state, which is going through a judicial recovery process to avoid bankruptcy.
Usina Pumaty, another sugarcane processor located in Pernambuco state and that resumed operations in the 2017/18 season, has BRL62 million (US$17.53 million) in debt with the FGTS.