SAO PAULO (Reuters) – Brazilian cosmetics maker Natura&Co will once again start to weigh what to do with its Avon business outside Latin America, it said in a securities filing on Wednesday.
Natura had halted those plans in August, when its Avon Products (NYSE:AVP) unit, a U.S.-based non-operating holding that it bought in 2020 as part of its acquisition of Avon, filed for Chapter 11 bankruptcy protection.
Natura said on Wednesday that a U.S. court overseeing the bankruptcy proceedings approved a previously announced agreement between Natura and Avon Products creditors, as well as a deal over Avon’s operations outside the U.S., allowing for Natura to again resume its analysis of what to do with the unit.
Natura said its options for the Avon business outside Latin America could include partnerships, a spin-off or a sale.
Natura had first announced in February it was mulling its options, which could spawn a new listed firm managing the business.
Avon’s U.S. business, which was never owned by Natura, would be not a part of the deal.