Brazil

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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

Oi Partners Could Sue Portugal Telecom Over Debt Deal

Some large shareholders in Grupo Oi SA could sue partner Portugal Telecom SA if a debt investment made by the latter ends up in default, which could delay the companies' planned merger, a source close to the deal said, Reuters reported. Shareholders ...

Daily Headline - global.abi.org - 07/15/2014 - 21:28 - 0 comments

Batista's OSX Brasil Suspends Dutch Unit's Creditor Payments

A Netherlands-based subsidiary of Brazilian tycoon Eike Batista's bankrupt shipbuilding and shipleasing unit OSX Brasil SA suspended payments to creditors after being granted protection by a Dutch court, Reuters reported. According to a securities f ...

Daily Headline - global.abi.org - 07/13/2014 - 23:14 - 0 comments

Brazil's Caixa Eyes Sale Of Distressed Loans, Sources Say

State-run Caixa Econômica Federa l, Brazil's largest mortgage lender, is considering options to get rid of bad loans and free up capital, including the sale of pools of distressed credit to investors, two sources said on Wednesday, Reuters reported. ...

Daily Headline - global.abi.org - 07/02/2014 - 23:09 - 0 comments

Brazil To Sell Cash-Strapped Petrobras New Oil Rights

Brazil plans to sell billions of dollars worth of offshore oil rights to state-run oil company Petrobras, a move expected to saddle the company with new costs even as its debt soars and it struggles to meet existing production targets, Reuters reported. ...

Daily Headline - global.abi.org - 06/24/2014 - 22:54 - 0 comments

Brazil Court Approves Restructuring Of Batista's Oleo e Gas

A judge approved a restructuring plan for Oleo e Gas Participacoes SA, the oil company controlled by Brazilian tycoon Eike Batista, according to a statement by the Rio de Janeiro court that heard the bankruptcy proceedings, Reuters reported. The court� ...

Daily Headline - global.abi.org - 06/15/2014 - 21:48 - 0 comments

Brazil's Oleo e Gas May Oil Output Falls 2.5 Percent From April

Average daily oil output at bankrupt Brazilian oil company Oleo e Gas Participacoes SA fell 2.5 percent in May compared with April, according to data released by the company on Thursday, reducing the volume of oil available to pay for its restructuring, ...

Daily Headline - global.abi.org - 06/12/2014 - 22:50 - 0 comments

Brazil's Banco Cruzeiro Seeks Chapter 15 Relief In Miami

Brazilian bank Banco Cruzeiro do Sul SA on Wednesday sought Chapter 15 relief in Miami, where a liquidator suspects some of its assets are located, after a Brazilian regulator took over its operations, Law360 reported. The bank’s liquidator and forei ...

Daily Headline - global.abi.org - 06/05/2014 - 22:50 - 0 comments

Brazil's Oleo e Gas Restructuring Plan Approved

A majority of creditors of Brazil's Oleo e Gas Participacoes SA approved the terms of restructuring plan for the bankrupt oil and gas exploration and production company, its lawyers said Tuesday, Reuters reported. Oléo e Gás, formerly known as OGX P ...

Daily Headline - global.abi.org - 06/03/2014 - 22:20 - 0 comments

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