Sugar and ethanol producer Grupo Aralco, which entered bankruptcy protection earlier this year, recently submitted its recovery plan. The company plans to transfer 60% of its debt, estimated at BRL1.2 bln ($1=BRL2.22), to Nova Aralco Participacoes. The latter is to become the holding company and direct owner of Aralco's shares. Creditors can convert the debt into shares of Nova Aralco Participacoes.
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