Pyxus International Inc., one of many world’s largest tobacco suppliers, filed for bankruptcy Monday with a prepackaged technique in place to chop $400 million in debt and hand management to junior bondholders.

Even earlier than the Covid-19 outbreak, Pyxus was scuffling with declining tobacco consumption around the globe. But the coronavirus pandemic’s impression on world commerce flows hit the Morrisville, N.C.-based firm’s provide chain, which depends on tobacco leaf from greater than 300,000 farmers in 30 nations.

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