Natura
November 27, 2024
SAO PAULO, November 27, 2024 --
Natura &Co said it reached an agreement in principle on a global settlement with the Official Committee of Unsecured Creditors of Avon Products Inc. and affiliated debtors in Avon's U.S. Chapter 11 proceedings.
Under the proposed deal, subject to final documentation and bankruptcy-court approval, Natura would pay the Avon estates 34 million dollars in cash and fund the full 43 million dollars of prepetition debtor-in-possession financing. Natura also agreed to waive all of its secured and unsecured claims against the Avon debtors.
The settlement is intended to clear the path for Natura's previously announced 125 million dollar credit bid for Avon's non-U.S. operations after the creditors committee had objected to the original settlement and sale structure.