Tonon Bioenergia seeks bankruptcy protection five months after restructuring

December 10, 2015 |

In Brazil, Tonon Bioenergia has sought bankruptcy protection just five months after restructuring, adding it to the list of more than 70 mills who have sought such protection from creditors. The group’s debt in Reals has risen 69% since last year to $707 million as a result of the Real’s devaluation. The company processes 8.2 million metric tons of cane per year at three sugar mills. Ethanol prices are at its highest in 2011 in Brazil but it’s not enough to help offset the company’s debt levels.

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