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Infinity Bio-Energy, which was aggressively buying ethanol distilleries in 2007, applied for bankruptcy protection last month. The company's recovery plan to be presented to the bankruptcy court includes selling assets, searching for a new partner and seeking new credit lines to refinance debt, according to the report.
Infinity Bio-Energy controls five sugar and ethanol mills in Brazil.
Several Brazilian ethanol and beef processors have sought bankruptcy protection following the world credit crunch, which began for many of the companies last September.
-By Bill Hieronymus, Dow Jones Newswires; 55-11-2847-4523; Brazil@dowjones.com
(END) Dow Jones Newswires
06-24-09 1259ET
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