Impact of a Fallen Brazilian Beef Giant
BRAZIL - A beef company in Brazil has filed for bankruptcy with estimated debts of US$650 million.
14 January 2009
1 minute read
According to Farming UK, Arantes Alimentos Ltd, have filed for protection from creditors under the equivalent to the US Chapter 11 bankruptcy laws.
The company lawyers made the announcement on Tuesday, sending shock waves through the farming industry, in the wake of the problems at poultry giant Sadia, reported the news organisation earlier today.
The company has been involved in a very rapid expansion program, with numerous large acquisitions in the last couple of year, the current credit crisis stopped then in their tracks.
TheCattleSite News Desk
