$1.2B In Red, Brazilian Beef Co. Files For Ch. 15

Law360, New York (March 2, 2009, 12:00 AM EST) -- Foundering under $1.2 billion in debts, Brazilian beef exporter Independencia SA has filed for Chapter 15 bankruptcy protection to shield its U.S. bank accounts from creditor actions as the company pursues reorganization at home.

The petition, filed Friday in the U.S. Bankruptcy Court for the Southern District of New York, says Independencia has commenced restructuring “a crippling debt burden” under Brazilian insolvency law and requires court protection of its U.S. assets.

While 99 percent of the debtor’s assets are in Brazil, the company holds funds in...
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