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Banks behind troubled Brazil coffee traders could take $181 mln hit

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Banks which financed two Brazilian coffee traders that last week sought court-supervised debt restructuring have a total of 1.1 billion reais ($181.6 million) in credit with the firms, court documents seen by Reuters showed on Monday.
The article from Reuters discusses the financial strain on banks due to the collapse of Brazil's coffee trading sector. It highlights that banks, including major players like Rabobank, could face losses up to $181 million due to the default of several coffee trading firms in Brazil. The crisis was triggered by a combination of factors including a sharp drop in coffee prices, high leverage, and speculative trading. Notably, companies like Cooxupe, a cooperative, and other traders like Terra Forte and Carvalhas have either defaulted or are in financial distress. This situation has led to significant losses for banks, with Rabobank alone potentially facing a $50 million hit. The article also mentions that the Brazilian government and financial institutions are working on solutions to mitigate the impact, including potential restructuring of debts and new financing options for the sector.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/banks-behind-troubled-brazil-coffee-traders-could-take-181-mln-hit-2024-12-02/ ]


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