Brazil’s GVO closer to bankruptcy as bondholders call for repayment of $750M

In Brazil, Reuters reports that ethanol producer GVO was issued with an order by its largest bondholders to fork out $750 million, which is expected to push the company towards bankruptcy. The company failed to make payments in 2018 which has left one bond in default since, which allows bondholders to push for immediate repayment. Another bond is set to mature this year and another in 2022 but all three are currently trading for pennies on the dollar.