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Sergio Thompson-Flores, Infinity's president, said the company woes were as a result of previously low sugar and ethanol prices as well as delays in the delivery of new equipment, local news service Estado reported.
Infinity operates five sugar and ethanol mills in the states of Mato Grosso do Sul, Espirito Santo, Minas Gerais and Bahia.
Estado also reported that Infinity racked up debt of 1 billion Brazilian reals ($500 million). The company has assets of BRL1.2 billion.
The request for judicial recovery will allow Infinity to negotiate with creditors, while seeking new investors that can inject new capital into the company.
Brazil is the world's leading sugar-cane-based ethanol producer.
- By Tony Danby and Daniel McCleary; Dow Jones Newswires; 55-11-2847-4523; Anthony.Danby@dowjones.com
(END) Dow Jones Newswires
05-19-09 1758ET
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