South America

Results for South America

Venezuela Is Late on $1.7 Billion and Bond Traders Are Stuck

busted through grace periods on about $1.7 billion of debt payments, rating firms declared many ...

Daily Headline - global.abi.org - 02/15/2018 - 20:41 - 0 comments

Venezuelan Oil Company PDVSA's Bonds Hit by EMTA Market Move

Emerging markets trade group EMTA has recommended that bonds issued by Venezuela’s state-owned oil firm PDVSA should be traded “flat”, or without accrued interest, the way bonds in default are typically traded. The move follows a similar advisory from EM ...

Daily Headline - global.abi.org - 02/12/2018 - 20:50 - 0 comments

Judge Says Oi Shareholders Meeting Has No Effect on Restructuring

A Rio de Janeiro judge decided on Wednesday that a shareholders meeting called by a major equity holder in debt-laden Brazilian telecoms carrier Oi SA will have no legal effect on the company’s in-court restructuring, Reuters reported. Responding to vari ...

Daily Headline - global.abi.org - 02/07/2018 - 21:50 - 0 comments

Abengoa Bionergia's Brazil Lenders Eye Sugarcane Mills Sales

Banks and investors involved in the court reorganization of energy group Abengoa Bioenergia Brasil SA hope to get paid through a potential sale of the company’s two sugarcane mills, two sources close to the matter told Reuters. There are non-disclosure a ...

Daily Headline - global.abi.org - 01/29/2018 - 23:29 - 0 comments

Brazil's Seara Agro Files Recovery Plan, Proposes Debt Haircut

Seara Indústria e Comércio de Produtos Agropecuários, a Brazilian mid-sized grain trader that sought bankruptcy protection last year, on Monday filed its recovery plan in a local court, the company said on Tuesday. Seara Agro, based in the Paraná state a ...

Daily Headline - global.abi.org - 01/23/2018 - 18:19 - 0 comments

The Emerging Markets Restructuring Journal

Wishing you a happy and healthy New Year, we are glad to share with you the fifth issue of the Emerging Markets Restructuring Journal, a publication that was founded by Cleary Gottlieb lawyers and features contributions from colleagues and advisors aroun ...

Resource Article - twallace@abiwor... - 01/23/2018 - 09:38 - 0 comments - 0 attachments

Venezuela’s Bond Surge Shows There’s Still Faith in the World's Biggest Loser

Venezuelan debt is kicking off 2018 on a tear. The nation’s bonds, which led global losses in 2017 after the government declared it needed to restructure its debt, have returned a world-leading 12 percent, Bloomberg News reported. That’s four times what ...

Daily Headline - global.abi.org - 01/17/2018 - 22:52 - 0 comments

Blow for Michel Temer as S&P Cuts Brazil Credit Rating

Standard & Poor’s downgraded Brazil’s credit rating deeper into junk territory on Thursday, citing the government’s failure to pass key fiscal reforms, the Financial Times reported. The move by the rating agency is a slap in the face for the admi ...

Daily Headline - global.abi.org - 01/11/2018 - 23:15 - 0 comments

Venezuelan Bonds Bake In Permanent Default

Bonds investors are finally acting like they’ve lost hope that Venezuela will make any future debt payments, The Wall Street Journal reported. Traders debated for weeks about whether to continue pricing the oil-rich country’s sovereign debt with the ...

Daily Headline - global.abi.org - 01/10/2018 - 22:10 - 0 comments

Fund Managers Set to Mark Down Venezuela Bond Holdings

Fund managers holding Venezuela government bonds face a day of reckoning after months of waiting for more than half a billion dollars in late interest payments, Bloomberg News reported. Since November, investors following guidelines established by the Em ...

Daily Headline - global.abi.org - 01/09/2018 - 23:28 - 0 comments

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