Sao Paulo, May 19 - Brazilian ethanol and sugar producer Infinity Bio-Energy said on Tuesday it had filed for bankruptcy protection after suffering from falling prices and lack of credit due to the global economic crisis.
The company, founded in early 2006, operates five mills in the states of Mato Grosso do Sul, Minas Gerais and Espirito Santo. It said in a statement it was seeking an "orderly" financial recovery by filing for protection from creditors.
It said it was examining ways of restructuring its debts and the possibility of seeking more capital while seeking to preserve jobs and return to growth. It said operations would carry on as usual while it sought to stabilize.
Under Brazilian law, companies that file for bankruptcy protection have 180 days to elaborate and submit plans to restructure debt in collaboration with creditors.