Brazilian coffee traders Atlantica, Cafebras to negotiate with creditors in court
Adds details from the statement in paragraphs 2-4
SAO PAULO, Nov 27 (Reuters) -Brazilian coffee traders Atlantica and Cafebras will negotiate with their creditorsin court, they said in a statement on Wednesday, citingdebt issues caused by poor crops and currency moves.
"We have faced a high volume of rollovers and defaults", the traders said in the statement, adding that some 900,000 60-kg bags of coffee promised by farmers have not been received yet.
The firms have traded around 12 million bags over the past five years, they said, with with 2.75 million bags set for future delivery.
The traders, which are part of the Montesanto Tavares group, said in the statement that their operations will continue as usual and that their employees and suppliers will be paid on time.
Reporting by Marcelo Teixeira; Writing by Isabel Teles; Editing by Brendan O'Boyle and Kylie Madry
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