Brazil

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Petrobras, Sete Brasil Pick Mediator In Legal Dispute

State-controlled oil producer Petróleo Brasileiro SA and Sete Brasil Participações SA have agreed to choose a mediator for a legal dispute that forced the rig leaser to seek creditor protection against 18 billion reais ($5.7 billion) of debt, Reuters rep ...

Daily Headline - global.abi.org - 09/21/2017 - 22:21 - 0 comments

Brazil Cancels Abengoa's Power Transmission Licenses

Brazil’s Mines and Energy Ministry has canceled nine licenses to build transmission lines that had been granted to Spain’s Abengoa SA after the company abandoned construction works in 2015, a senior official said on Wednesday. The decision formalizing ca ...

Daily Headline - global.abi.org - 09/20/2017 - 19:11 - 0 comments

Oi's Brazil License Rift to Slow Debt Talks

A move by Brazil’s telecommunications industry watchdog to analyze whether to remove Oi SA’s operating license will further complicate Latin America’s largest-ever bankruptcy protection case, now in its 15th month, a person with knowledge of the matter s ...

Daily Headline - global.abi.org - 09/04/2017 - 20:32 - 0 comments

Temer’s Ambitious $14 Billion Privatisation Drive

Michel Temer is the most unpopular president in the democratic history of Brazil. He presides over an economy only just coming out of its worst-ever recession. He also faces corruption allegations and could be impeached. Yet markets are unfazed, the Fi ...

Daily Headline - global.abi.org - 08/28/2017 - 22:14 - 0 comments

Brazil's Raízen Wants to Bid for Shree Renuka Ethanol Mill

Brazil's Raízen Energia SA is interested in bidding for an ethanol mill owned by the Brazilian subsidiary of India's sugar producer Shree Renuka Sugars Ltd, which will be auctioned in early September, two sources with knowledge of the matter sa ...

Daily Headline - global.abi.org - 08/24/2017 - 20:44 - 0 comments

Abengoa Brazil Unit Gets Approval From Creditors For Restructuring Plan

The Brazilian unit of struggling Spanish energy and infrastructure group Abengoa SA obtained approval from creditors on Friday for its in-court debt restructuring plan, said a lawyer representing one of the creditors, Reuters reported. Abengoa has around ...

Daily Headline - global.abi.org - 08/20/2017 - 21:30 - 0 comments

Multi-Billion Dollar Brazil Business Subsidies Face the Chop

Brazil’s central bank chief is facing the tough reality that weaning the country’s largest businesses off of multi-billion dollar subsidies is easier said than done. Over the past fortnight, Ilan Goldfajn has lobbied dozens of lawmakers over legislation ...

Daily Headline - global.abi.org - 08/16/2017 - 22:31 - 0 comments

Brazil President Weakened by Graft Charge, Losing Fiscal Battle

Brazilian President Michel Temer has burned through political capital fighting corruption charges and is struggling to push forward his economic agenda meant to rein in a gaping budget deficit, the International New York Times reported on a Reuters s ...

Daily Headline - global.abi.org - 08/13/2017 - 18:42 - 0 comments

Hedge Costs Drive Wide Oi Loss, EBITDA Lags Behind

Oi SA posted a wider-than-expected second-quarter loss as the Brazilian phone carrier was forced to close currency-hedging positions because of its protracted bankruptcy protection case, Reuters reported. Oi lost a net 3.303 billion reais ($1 billion) la ...

Daily Headline - global.abi.org - 08/09/2017 - 22:19 - 0 comments

Brazil Builder PDG Reaches Non-Binding Agreement with Banks

PDG Realty SA, the largest Brazilian homebuilder to have filed for bankruptcy protection, reached a non-binding agreement with bank creditors as part of restructuring talks, the company said in a filing late on Friday. PDG filed for bankruptcy protection ...

Daily Headline - global.abi.org - 08/06/2017 - 21:22 - 0 comments

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