Longer debt drives Heringer's rebound

Fertilizantes Heringer begins to see a light at the end of the tunnel after closing plants and filing for bankruptcy protection. Leaner and with units for sale, the group received the creditors' go-ahead to extend its liabilities and cut the fair value of the debt by R$1.2 billion. The company's recovery, though, is a slow process that will take four to five years, says CEO Dalton Heringer. He expressed relief with the approval of the judicial recovery plan confirmed by courts in February. "A refusal could have culminated in bankruptcy," he said. An offer by Russian companies Uralkali and Uralchem to...

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