(Bloomberg) -- Brazilian coffee exporters owned by Montesanto Tavares Group Participações SA filed for bankruptcy protection after extreme market volatility left the companies cash-strapped.

Atlântica Exportação e Importação SA and Cafebras Comércio de Cafés do Brasil SA are seeking protection from creditors, with debt totaling 2.13 billion reais ($367 million). High prices, currency depreciation and defaults by coffee producers have led to an “economic and financial crisis,” the companies said on their website.

Atlântica has said it accounts for 8% of Brazil’s arabica sales. The firm, as well as sister company Cafebras, are owned by Montesanto. The companies had previously been granted a grace period to renegotiate debt with creditors, but decided to file for bankruptcy protection on Feb. 25, the firms said in a note. 

Futures prices for arabica beans — the variety favored for high-end brews — have surged more than 120% in the past 12 months. That has affected the finances of coffee producers and exporters because brokers require those companies to put up more cash in the form of margin deposits to cover possible losses.

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