Brazilian coffee trading companies have their request for grace period denied by the courts

Coffee group companies Atlântica Exportação e Importação SA and Cafebras Comércio de Cafés do Brasil SA had their joint request for a 60-day grace period to pay their debts while they negotiate with creditors to avoid filing for bankruptcy denied by Judge Murilo Silvio de Abreu. “I understand the plaintiffs’ crisis situation, which has been well demonstrated, but demanding that such creditors bear the burden for 60 days, with all due respect, is unreasonable,” said the judge during a decision on December 3, followed and reported by Bloomberg News. Also according to the international portal, this initial decision can be appealed. According to Reuters, in November the two trading companies, based in Brazil, sought justice to negotiate with creditors after being hit by an increase in global Arabica coffee prices. Futures prices for the variety have been on the rise in recent months, jumping about 70% between January and the end of November to the highest level in more than four ...