Brazil

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Brazil OKs Bankruptcy Protection Petition For Batista Unit MMX Sudeste

A Brazilian court has approved a bankruptcy protection petition filed by MMX Sudeste Mineracao SA, an iron-ore mining company controlled by Brazilian tycoon Eike Batista, the company said on Wednesday in a securities filing, Reuters reported. It was the ...

Daily Headline - global.abi.org - 10/22/2014 - 21:45 - 0 comments

Brazil's Oi Says Rioforte Demise Unlikely To Impact Operations

Grupo Oi SA, the Brazilian telecommunications company struggling with rising debt and shrinking market share, said the demise of an investment vehicle that owed the company's Portugal Telecom SGPS SA unit almost 1 billion euros ($1.28 billion) is un ...

Daily Headline - global.abi.org - 10/20/2014 - 21:17 - 0 comments

Main Unit Of Batista's MMX Requests Bankruptcy Protection

The main subsidiary of Brazilian tycoon Eike Batista's iron ore mining company MMX Mineracao e Metalicos SA filed a bankruptcy protection petition before a Brazilian court on Wednesday, Reuters reported. MMX Sudeste Mineracao SA, the unit that holds ...

Daily Headline - global.abi.org - 10/15/2014 - 22:16 - 0 comments

As Money Runs Out, Fallen Brazilian Tycoon Batista Faces The Law

A year after the epic collapse of his industrial empire, Brazilian tycoon Eike Batista's financial and legal troubles appear far from over, Reuters reported. Once worth more than $30 billion and listed as the world's eighth-richest man by Forbe ...

Daily Headline - global.abi.org - 10/08/2014 - 22:17 - 0 comments

Brazil's Batista Faces Criminal Charges

Brazil's federal prosecutors have filed criminal charges against Eike Batista, a once high-flying Brazilian businessman, compounding his legal troubles. Prosecutors in Rio de Janeiro charged Mr. Batista with financial crimes and requested the freezi ...

Daily Headline - global.abi.org - 09/14/2014 - 21:17 - 0 comments

Recession Puts Brake On Brazil’s Once-Booming Car Industry

Workers in Brazil’s automotive industry have become accustomed to seeing their sector break new records, with Latin America’s biggest country becoming the fourth largest car producer in the world over the past decade, the Financial Times reported. Bu ...

Daily Headline - global.abi.org - 09/01/2014 - 20:42 - 0 comments

Brazil Announces New Measures To Improve Credit Transactions

country's inflation-targeting policy. The central bank, between April of 2013 and April 0f 2014, had ...

Daily Headline - global.abi.org - 08/20/2014 - 20:38 - 0 comments

Brazil's Oleo Sells Shares in Former OGX Gas Unit for $87 Million

Brazil's Oleo e Gas Participacoes SA, the bankrupt oil company controlled by Eike Batista, said yesterday that Brazilian buyout firm Cambuhy Investimentos bought shares worth 199.9 million reais ($87 million) that it held in Parnaíba Gás Natural, fo ...

Daily Headline - abi_admin - 08/08/2014 - 11:05 - 0 comments

Portugal Telecom May Sue BES Over Unpaid Family Company’s Debt

Banco Espirito Santo (BES) could be sued over a loan that one of its founding family's holding companies failed to repay to Portugal Telecom, sources said on Thursday, as credit rating agencies downgraded the bank and its key shareholder. Still, Fin ...

Daily Headline - global.abi.org - 07/17/2014 - 21:25 - 0 comments

Judge Approves Chapter 15 Protection For Brazilian Bank

A Florida federal bankruptcy judge on Tuesday approved Brazilian bank Banco Cruzeiro do Sul SA's petition for Chapter 15 bankruptcy, a decision that will provide the bank some protection in United States courts while it continues its primary insolve ...

Daily Headline - global.abi.org - 07/16/2014 - 22:05 - 0 comments

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