(iStock.com/nakornkhai)
Portal Agro, a distributor of agricultural inputs, as well as AgroGalaxy (AGXY3), filed for judicial recovery, according to information from Valor Pipeline.
The company, headquartered in Paragominas in Pará, has a debt of R$645 million, of which at least R$249 million is in Agribusiness Receivables Certificates (CRAs). The company obtained 45 days of protection against debt enforcement from the Civil Court of the District of Paragominas.
According to Portal Agro, the request for judicial recovery is due to financial difficulties due to the rise in input prices and the fall in commodity prices, especially soybeans, which led rural producers to not honor payments with Portal Agro.
*With information from Pipeline