South America

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Brazil Builder PDG Seeks Court Protection from Creditors

Brazilian homebuilder PDG Realty SA said it was seeking protection from creditors by filing on Wednesday to restructure its debt in court, the country's second publicly listed builder to do so in less than six months, Reuters reported. PDG's gr ...

Daily Headline - global.abi.org - 02/22/2017 - 21:45 - 0 comments

BTG Revival Strategy Moves to Chile With Plans to Boost Lending

Grupo BTG Pactual, the Brazilian lender that slashed its workforce in 2016 and sold off assets to survive a liquidity crisis, is investing in Chile with plans to start lending, Bloomberg News reported. Rodrigo Oyarzo joined BTG to head the new credit bus ...

Daily Headline - global.abi.org - 02/22/2017 - 21:45 - 0 comments

Tale of ‘El Caballo’ Lays Bare Argentina’s Culture of Corruption

For a quarter century, one man ruled the Rio Parana, the mighty Mississippi of Argentina. His name is Omar Suarez. Along the Parana, the nation’s pipeline for key exports including soybeans, corn and wheat, he is better known as El Caballo: a hard-chargi ...

Daily Headline - global.abi.org - 02/21/2017 - 22:16 - 0 comments

Brazil's PDG May Surrender Guaranteed Assets Ahead of Reorganization

PDG Realty SA, the Brazilian homebuilder struggling with a cash crunch, is considering surrendering buildings and land given as collateral to creditors ahead of a potential in-court reorganization, two people directly involved in the plan said. São Paulo ...

Daily Headline - global.abi.org - 02/20/2017 - 22:18 - 0 comments

Argentina's Macri Will Annul Father's Postal Debt Deal

Argentina's President Mauricio Macri said on Thursday he would annul an agreement his government reached to resolve a 15-year-old debt the country's postal service incurred when it was owned by Macri's father, the International New York ...

Daily Headline - global.abi.org - 02/16/2017 - 21:31 - 0 comments

Oi Nears New Creditor Proposal, Regardless of Brazil Telecom Reform

Changes in Brazil's telecom law currently under debate in the Senate are not being taken into account by debt-laden carrier Oi SA as it devises its in-court reorganization plan, Oi Chief Executive Marcos Schroeder said on Tuesday. Speaking at an ind ...

Daily Headline - global.abi.org - 02/14/2017 - 20:18 - 0 comments

Argentine Prosecutor Asks to Investigate President Over Postal Service Deal

A prosecutor asked to investigate Argentine President Mauricio Macri on Tuesday over a deal to resolve debt the country's postal service incurred with the government when it was owned by Macri's father, the International New York Times repo ...

Daily Headline - global.abi.org - 02/14/2017 - 20:21 - 0 comments

Argentina’s Credit Revival Offers Glimpse of Economic Stability

Arturo Méndez heaved a sigh of relief after slapping about $300,000 in hundred dollar bills on the table to pay for a house. Carrying all that cash around the streets of Buenos Aires was now someone else’s problem. “Why couldn’t I have just got a mortgag ...

Daily Headline - global.abi.org - 02/13/2017 - 21:27 - 0 comments

PDVSA Braces for Oil Production Drop as Default Looms Large

The recent bump in oil prices isn’t enough to help Petroleos de Venezuela SA as it faces its fourth consecutive year of declining production, Bloomberg News reported. The company’s crude output is expected to fall this year as it failed to raise cash for ...

Daily Headline - global.abi.org - 02/01/2017 - 22:15 - 0 comments

Venezuelan Credit Dashboard: Default Risk Falls Below 50%

Traders reduced their bets on a default of Venezuela’s dollar debt over the next year amid a thin repayment schedule in the first quarter, Bloomberg News reported. The implied probability of nonpayment over the next 12 months plunged to 44 percent in Jan ...

Daily Headline - global.abi.org - 02/01/2017 - 22:15 - 0 comments

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