Thursday, October 22, 2020

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UPDATE 1-Brazil’s BTG Pactual in talks to take over ethanol producer Atvos

(Adds source familiar with the matter on talks)

SAO PAULO, Oct 14 (Reuters) – Brazilian lender Banco BTG Pactual SA is in talks to take over bankrupt ethanol producer Atvos through a capital injection, one source familiar with the matter said.

BTG’s special situations unit has proposed to Atvos’ creditors a capital injection of 500 million reais ($90.09 million) into the company for a minority stake in Atvos Bioenergia, a new company created after creditors approved the ethanol producer’s restructuring plan in May.

Atvos and BTG declined to comment on the matter.

Reuters reported earlier that Abu Dhabi investment firm Mubadala Investment Co had also offered to inject fresh money into Atvos if its creditors accepted a new round of debt restructuring with a reduced payout.

Atvos, a unit of corruption-tainted engineering company Odebrecht, filed for bankruptcy protection in May last year with nearly 11 billion reais in debt.

$1 = 5.5502 reais Reporting by Carolina Mandl Editing by Paul Simao and Grant McCool

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