Brazil

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Brazil Oi Creditors File U.S. Motion as Bankruptcy Negotiations Continue

Creditors of Brazil's Oi SA filed a motion this week in U.S. bankruptcy court to pressure the telephone operator to consider a proposal which could give lenders control of the restructured company, a source close to the lenders said. The creditors b ...

Daily Headline - global.abi.org - 05/23/2017 - 20:47 - 0 comments

Brazil’s Odebrecht Energy Unit Renegotiates $5 Billion in Debt

Troubled engineering conglomerate Odebrecht SA’s oil and gas arm said late Tuesday it has entered into an agreement with a group of creditors to restructure its financial debt, The Wall Street Journal reported. Odebrecht Óleo e Gás said it filed the ...

Daily Headline - global.abi.org - 05/23/2017 - 20:49 - 0 comments

Brazil's Assets Dive as Political Crisis Engulfs President Temer

Brazil’s real, stocks and bonds tumbled as a fresh political crisis ensnared President Michel Temer and threatened to derail an agenda designed to pull Latin America’s largest economy out of its deepest recession on record, Bloomberg News reported. Tradi ...

Daily Headline - global.abi.org - 05/18/2017 - 22:11 - 0 comments

Brazil Watchdog Sees Further Delay in Abengoa's Power Line Project

Brazil's electricity watchdog Aneel expects a further delay in the construction of 6,000 kilometers of power lines licensed to Abengoa SA, raising concern over the reliability of the country's grid as a massive new dam comes online, according t ...

Daily Headline - global.abi.org - 05/17/2017 - 23:01 - 0 comments

Brazilian Banks Turn Up Heat on Scandal-Hit Odebrecht

Banks are raising the heat on Brazilian conglomerate Odebrecht SA to put its house in order after months of treating the scandal-hit company with kid gloves because of fears its collapse could hurt their balance sheets, sources said. Odebrecht has agreed ...

Daily Headline - global.abi.org - 05/15/2017 - 22:42 - 0 comments

Investors Celebrate Temer Austerity While Brazilians Lose Jobs

One year ago, Brazil’s Vice President Michel Temer — a veteran political operative — took the country’s helm after Dilma Rousseff's impeachment, promising to rein in public spending and return the economy to expansion. While he has taken steps to c ...

Daily Headline - global.abi.org - 05/14/2017 - 22:28 - 0 comments

Brazil Plans Changes to Bankruptcy Law to Bolster Recovery

The Brazilian government plans to change the bankruptcy law to help indebted firms emerge faster from creditor protection, Finance Minister Henrique Meirelles told a newspaper. The changes would reduce the average length of bankruptcy protection to two y ...

Daily Headline - global.abi.org - 05/09/2017 - 22:46 - 0 comments

Odebrecht Testimony in Brazil Points to Pemex Bribe in Mexico

A former top official of Brazilian construction giant Odebrecht SA testified that he was asked in 2014 to bribe the then-head of Mexican state oil firm Petróleos Mexicanos, according to a document filed with Brazil’s Supreme Court as part of a broader co ...

Daily Headline - global.abi.org - 05/07/2017 - 22:19 - 0 comments

Orascom Gives Brazil's Oi Until June 1 For Reorganization Plan

Brazilian phone company Oi SA said on Tuesday that Orascom TMT Holdings SAE, controlled by Egyptian billionaire Naguib Sawiris, and a group of bondholder have given the carrier until June 1 to put together a restructuring plan to help it exit bankruptcy ...

Daily Headline - global.abi.org - 05/02/2017 - 22:14 - 0 comments

Brazil Plans Law to Intervene in Troubled Telecoms

The Brazilian government will introduce legislation granting it the power to intervene when telecom operators under bankruptcy protection, the head of telecoms regulator Anatel said on Thursday. Juarez Quadros said the decision was meant to avoid any jud ...

Daily Headline - global.abi.org - 04/27/2017 - 22:42 - 0 comments

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