Colombia: Banacol undergoes restructuring amid debt woes - FreshFruitPortal.com

Colombia: Banacol undergoes restructuring amid debt woes

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Colombia: Banacol undergoes restructuring amid debt woes

Latin American banana marketer Banacol reported last week that its seven group branches would be undergoing reorganization. The legal announcement comes as a result of debt pressures, bolstered in part by a poor exchange rate, low international pricing and high bananas_ffpproduction costs, indicated Elcolombiano.com.

Grupo Banacol sources fruit from Colombia and Costa Rica, in collaboration with its offices in North America and Europe.

The reorganization annoucement comes as a response to company efforts to recover and account for debts of COP374.7 billion (US$183.6 million). The company reported an additional COP425.8 billion (US$208.6 million) in assets, according to Elcolombiano.com.

For the moment, Banacol's restructuring is not expected to impact existing agreements with clients in North America and Europe.

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