Brazil

Results for Brazil

Brazil's OAS Says Scandal, Restructuring To Halve Revenue

Brazilian engineering conglomerate Grupo OAS expects revenue to shrink more than 50 percent by 2017 as it sells operations and refocuses on civil construction after filing for bankruptcy protection due to a bribery scandal at a state-run oil company, Reu ...

Daily Headline - global.abi.org - 04/22/2015 - 21:01 - 0 comments

Another Petrobras Subcontractor Files for Bankruptcy

Another Brazilian company has fallen to the corruption scandal surrounding Brazil’s petroleum giant, Petrobras: Schahin Group requested on Friday a bankruptcy court’s protection for 28 of its subsidiaries. The company’s statement said that the filing cov ...

Daily Headline - global.abi.org - 04/19/2015 - 19:36 - 0 comments

BNDES Sees Oil Rig Supplier Sete Brasil Reorganization By June

A reorganization plan to help oil rig supplier Sete Brasil Participações SA remain in business should be ready by the end of June, after shareholders and creditors agreed to extend financing as credit dried up, the president of Brazil's state develo ...

Daily Headline - global.abi.org - 04/16/2015 - 22:04 - 0 comments

Brazil's Ruling Party Treasurer Arrested, As Corruption Probe Circles Rousseff Government

Police arrested the treasurer of Brazil's ruling Workers' Party on Wednesday, bringing the country's largest corruption scandal a step closer to President Dilma Rousseff's government, The Sydney Morning Herald reported. Joao Vacca ...

Daily Headline - global.abi.org - 04/16/2015 - 00:00 - 0 comments

Creditors Agree Not To Execute On OGX DIP Financing

Creditors of Brazil's OGX Petroleo e Gas, the bankrupt oil company created by tycoon Eike Batista, agreed not to execute payments or guarantees stipulated in a debtor-in-possession (DIP) financing secured in 2014 by the company, Reuters reported. In ...

Daily Headline - global.abi.org - 04/12/2015 - 22:16 - 0 comments

Brazil Probes Alleged Mass Tax Fraud

Prosecutors are investigating allegations that Brazilian tax authorities solicited bribes from major companies in exchange for reducing their liabilities in corporate tax disputes, officials say, The Wall Street Journal reported. On Tuesday, the Fina ...

Daily Headline - global.abi.org - 04/07/2015 - 22:14 - 0 comments

Petrobras Supplier Schahin Said Seeking to Avert Bankruptcy

Schahin Petroleo & Gas SA, a rig and platform supplier to Brazil’s state-run producer, is seeking a credit line to avoid filing for bankruptcy protection, said two people familiar with the matter. Bonds tumbled, Bloomberg News reported. Schahin, whic ...

Daily Headline - global.abi.org - 04/06/2015 - 21:25 - 0 comments

Brazil Court Accepts OAS Request For Creditor Protection

A Brazilian state court accepted a bankruptcy protection request filed by engineering conglomerate Grupo OAS for nine of its units, in the largest corporate failure yet related to the snowballing Petróleo Brasileiro SA corruption scandal. The decision on ...

Daily Headline - global.abi.org - 04/02/2015 - 23:16 - 0 comments

Units Of Brazil's OAS File For Bankruptcy Protection Amid Scandal

Brazilian engineering conglomerate Grupo OAS requested court protection from creditors for nine of its units on Tuesday as it grapples with the fallout from a scandal at state-controlled Petróleo Brasileiro SA, a major customer, Reuters reported. The fil ...

Daily Headline - global.abi.org - 03/31/2015 - 19:19 - 0 comments

Brazil Says No 'Grand Bargain' With Builders in Petrobras Scandal

President Dilma Rousseff's government denied on Wednesday that it is looking to strike a "grand bargain" with Brazilian construction and engineering firms implicated in the kickback scandal at state-run oil company Petrobras, the Interna ...

Daily Headline - global.abi.org - 03/25/2015 - 22:26 - 0 comments

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