Itaquere, a private Brazilian agribusiness, has filed for bankruptcy protection to restructure 482 million reais ($ 127 million).

In a letter signed by several executives, a group based in Brazil's largest grain state, Mato Grosso, blames the protracted economic crisis, as well as adverse climatic conditions and currency fluctuations, for financial problems.

Itaquere is a diversified agricultural group engaged in the cultivation of soybeans, corn and cotton on an area of ​​53 531 ha (132 278 acres), the letter said. She also has interests in granaries, the operation of toll roads and the construction of small power plants.

The judge considering the lawsuit passed a ruling in which he requested Itaquere to provide additional financial and operational information before the court could proceed with the consideration of the case.

Brazilian companies usually receive 60 days to submit a reorganization plan after the bankruptcy court decides. Itaquere employs 735 people in enterprises in the states of Mato Grosso and Rondonia, and the company hopes to strike a deal with its creditors to preserve jobs and operations. At the same time, the names of creditors are not disclosed.