Brazil

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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

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

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

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

Brazil Government Deal with Rio Won’t Solve Its Debt Crisis

Brazilian politicians inflated growth estimates to facilitate an agreement between the federal government and Rio de Janeiro to resolve the state’s financial crisis, raising doubts over the viability of the deal. The projections, even if proven true, wou ...

Daily Headline - global.abi.org - 01/31/2017 - 21:55 - 0 comments

Brazil Plans Changes To Bankruptcy Law To Help Recovery

Brazil plans to overhaul its bankruptcy law to help troubled companies survive a two-year recession that has led a record number of them to suspend debt payments, a senior member of the government's economic team said on Tuesday, Reuters reported. P ...

Daily Headline - global.abi.org - 01/31/2017 - 21:59 - 0 comments

Pharol Shuns Creditor Reorganization Plan For Oi As Elliott Eyes Deal

The largest shareholder in Oi SA will oppose any alternate reorganization plan that does not come from within the debt-laden Brazilian phone carrier, which is struggling to emerge from bankruptcy protection. In a statement sent to Reuters on Friday, Port ...

Daily Headline - global.abi.org - 01/29/2017 - 21:41 - 0 comments

Rio, Federal Government Agree On Austerity Package For State

Brazil's federal government and Rio de Janeiro state have agreed on a package of austerity measures that will partially plug the financially struggling state's anticipated $8 billion deficit. The federal government offered Thursday to defer the ...

Daily Headline - global.abi.org - 01/26/2017 - 21:28 - 0 comments

Brazil's Fibria Drops Controversial Covenant Language

Brazilian pulp and paper company Fibria dropped controversial language on a 10-year Green bond on Wednesday amid strong investor pushback, sources told IFR. Fibria was one of several companies this week to drop the aggressive terms, which make it easier ...

Daily Headline - global.abi.org - 01/11/2017 - 22:43 - 0 comments

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