September 5, 2017 / 12:05 AM / 2 years ago

UPDATE 1-Brazil court suspends auction of Shree Renuka sugar mill -BNDES

(Adds BNDES statement)

SAO PAULO, Sept 4 (Reuters) - A Brazilian court has suspended the judicial auction of a sugar mill owned by India’s Shree Renuka Sugars Ltd scheduled for Monday, after a request from state bank BNDES, the bank said in a statement.

BNDES said the request was granted on Friday and added that it holds mortgage guarantees for Renuka.

Reuters reported the development earlier on Monday, citing a source.

The mill would be sold as part of an in-court debt restructuring of Renuka do Brasil, a local unit of Shree Renuka, which filed for bankruptcy protection in 2015. China’s Cofco International was among the companies that had asked to take part in the auction. (Reporting by José Roberto Gomes; Writing by Marcelo Teixeira and Jake Spring; Editing by Bill Trott)

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