São Paulo (Reuters) – Lavoro had its extrajudicial recovery plan approved by the São Paulo Court and is moving forward with a plan to sell assets in the Crop Care segment, the company announced this Wednesday (26).
In a filing with the U.S. Securities and Exchange Commission (SEC), the company said creditors representing approximately 67% of the value of eligible supplier claims supported the plan. The list of suppliers that provided support includes Adama Brasil, UPL Brasil, FMC Agrícola, BASF, Ourofino, EuroChem, among others.
Lavoro also said that it is in advanced conversations for the potential sale of assets in the Crop Care segment, specifically Agrobiológica, Cromo Química and Union Agro. Perterra is not included in these negotiations and will be maintained by the company, he added.
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Also in the statement, Lavoro announced that the current CEO, Ruy Cunha, will leave his position on November 30th and will be replaced by Marcelo Pessanha, who will take over on December 1st.
