SPAC Star Lavoro Hit by Brazilian Farm Rout Now Seeks Cash
- Fertilizer seller is in talks for funds amid losses, debt
- Farmers are under pressure as crop prices fall, costs surge
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Lavoro Ltd., a Brazilian fertilizer seller whose acquisition-fueled expansion helped it ride an agricultural boom, is now seeking investors for a cash injection amid a broader slump in the sector that has engulfed farmers, distributors and investors.
The Sao Paulo-based firm has held talks including with other businesses and investment funds as part of efforts to raise funds, people familiar with the matter said, asking not to be named because discussions are private. The proceeds would help Lavoro meet its working-capital needs as the company faces tightening credit conditions amid industry upheaval, the people added.