SAO PAULO (Reuters) – Terra Forte, one of the largest Brazilian coffee exporters, has filed for bankruptcy protection in a Sao Paulo state court, lawyers for the company said on Wednesday.
Law firm Freire, Assis, Sakamoto e Violante said Terra Forte was looking to restructure 1.1 billion reais ($288.2 million) in debt. It also said the exporter was seeking to raise 60 million reais in working capital from investors to maintain operations.
Terra Forte is a well-known player in the international coffee market. Based in Sao Joao da Boa Vista, Sao Paulo state, the company has a branch in Poços de Caldas, in the main coffee belt of Minas Gerais state, and a terminal in Santos, the largest coffee exporting port in Brazil.