Creditors approve sale of Floralco for $ 150 million

SÃO PAULO-creditors of Floralco plant, located in Florida Paulista (SP), approved the sale of the unit for $ 150 million to the GAM Participações e Empreendimentos.
According to the judicial administrator of the unit, the lawyer Gustavo Sauer, the GAM will pay the value in eight years, with the first installment due in December 2014. Also assumes a labour of r $ 20 million debt and a debt with suppliers of cane of r $ 16 million.
Sauer points out that the sale will be completed after the change in judicial reorganization plan, allowing the provision of tenders. This change in the plan needs to be approved by Justice.
In February, lenders had approved the sale of the plant to the American Lanetrade, trading for $ 148,360 million. However, the trading gave up business.
In reorganization since June 2010, the Floralco plant has capacity to process 2.5 million tons of sugar cane per crop, but ground close to 900 thousand in 2012/13. The unit belongs to the Group Bertolo, who has another plant in reorganization. The Pirangy (SP) unit is able to grind 1.5 million tons of sugar cane, but is paralyzed for a year due to financial problems.
The resources from the sale of Floralco will be used for the payment of debts subject to the Group's recovery Bertolo, exceeding $ 200 million.