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Brazilian Soy Trader Offers Assets to Bunge, CHS Amid Bankruptcy

Seara Industria, one of Brazil’s 10 biggest commodity traders, has offered assets to both Bunge and CHS as a way to resolve disputes amid ongoing bankruptcy proceedings. Seara Industria & Comercio de Produtos Agropecuarios Ltda filed for bankruptcy in April of this year in order to restructure under a debt burden of US$667 million.

In July, the bankruptcy proceedings were halted after the judge ordered forensic accountants to investigate claims by the company’s creditors that the company had falsified financial statements. As a move to resolve the case, Seara Industria proposed an out-of-court deal through which it would offer its grains port and transshipment terminals to Bunge and CHS.

Seara owes CHS approximately $218 million as its largest creditor. Other creditors include Rabobank Groep NV, which is owed approximately $82 million; Credit Suisse Group AG, which is owed about $15 million; and Bunge subsidiary, Bunge Alimentos SA, which is owed about $18 million.

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