Creditors of Brazil’s Viana, Espírito Santo state-based Fertilizantes Heringer SA on Dec. 3 approved the company’s Judicial Reorganization plan, but the plan has yet to be approved by the Judicial Reorganization Court, according to a statement by the company. Fertilizantes Heringer filed for judicial reorganization in February, a request accepted by the Second District Court in Paulínia, in São Paulo state (GM Feb. 8, p. 1).
The company has been racking up losses, and reported a third-quarter loss of R135.9 million on revenue of R366.9 million, compared to the year-ago R117.4 million and R1.19 billion, respectively (GM Nov. 15, p. 31). However, it did report a positive adjusted EBITDA for the quarter of R8.6 million, up from a year-ago loss of R24.1 million.
As previously reported, Russia’s Uralkali and Uralchem have signed a binding letter of intent with Heringer’s controlling shareholder, Heringer Participacoes, and its quota holders, which could ultimately give those two companies control of Heringer (GM Sept. 27, p. 1).
Morocco’s OCP SA and Nutrien Ltd. Each hold about a 10 percent stake in Fertilizantes Heringer.