Ad'oro, in Várzea Paulista, admits to a ‘passing crisis' and files for bankruptcy protection
Ad'oro, which specializes in chicken slaughter in the municipality of Várzea Paulista, 54 km from São Paulo, has not survived a financial crisis it considers to be fleeting and has filed for bankruptcy protection. "Despite getting support early on from several lenders at once, either by allowing us to pay them in installments, or by offering new credit lines, others have preferred to put pressure on us to make immediate payments and have cut off our credit. We therefore believe that bankruptcy protection will be the best path in order not to favor precisely those that did not support us, harming those who always helped us out," the company said in a message sent to suppliers, customers and partners.
In the same message, however, Ad'oro notes that several other companies in the meat segment have filed for bankruptcy protection in recent years and its current situation is "fully reversible." Ad'oro guarantees that it retains total commercial freedom, and is represented as usual by its partners, directors and employees. It adds that it is being helped by specialists in restructuring companies and their liabilities. The report did not confirm the amount of debt that has led the company to enter the bankruptcy protection filing.
Information provided by Valor Economico