New York | IFR — A sufficient number of JBS bondholders have agreed to amend indentures allowing for a global reorganization of the meatpacker, the company said Wednesday.

Under the plan, the company’s global operations and Brazil-based food processor Seara Alimentos will regroup under a new Ireland-based company, JBS Foods International.

JBS USA and JBS SA asked holders of notes due between 2020 to 2025 to consent to some parts of the global reorganization proposed by JBS in May.

Holders who agreed to the consent solicitation by the expiration date of August 16 will receive a cash payment of $1.25 per $1,000 principal amount (all figures US$).

The plan, which involves listing JBS Foods International in New York, also requires approvals from shareholders and regulators.

JBS USA has been a major player in the Canadian beef market since 2013, when it bought the former XL Foods packing plant and Lakeside Feeders operation at Brooks, Alta.

— Reporting for Thomson Reuters’ International Financing Review by Paul Kilby.