One of the largest Brazilian coffee exporters, Terra Forte, has filed for bankruptcy protection in a Sao Paulo state court, reports Reuters. The company is looking to restructure $288.2 million in debt and raise working capital from investors to maintain operations.
A well-known player in the international coffee market, Terra Forte is based in Sao Joao da Boa Vista. 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. Terra Forte has a capacity to ship about 2.5 million bags of green coffee per year.
Coffee traders in London said that in recent days they heard Terra Forte had problems fulfilling contracts with European imports and cited that has a reason behind the short-covering movement in the coffee market in recent sessions, according to the report. Full Story
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from Industry Operations http://bit.ly/2D8PUXX
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