Brazil

The head of Brazil's telecom watchdog Anatel said on Monday it was not the government's goal to intervene in Oi SA but that it must "be prepared" to do so should the country's largest fixed-line carrier fail to resolve its debt problems during bankruptcy proceedings, Reuters reported. Anatel plans to let Oi's reorganization run its course before deciding on any possible action, Juarez Quadros said in an interview on the sidelines of a telecoms event in Sao Paulo. The proceedings began on June 20.

A judge ruled that Brazil’s former President Luiz Inácio Lula da Silva must stand trial for allegedly using his influence to obtain government loans for a construction company seeking contracts in Angola, the prosecutors’ office said Thursday, The Wall Street Journal reported. Judge Vallisney de Souza Oliveira accepted charges filed Monday by prosecutors in Brasília accusing Mr. da Silva of corruption, money laundering, influence peddling and conspiracy. If found guilty, Mr. da Silva, who led Brazil from 2003 to 2010, could face up to 35 years in prison. Mr.

Brazil’s federal prosecutors on Monday filed new corruption charges against former President Luiz Inácio Lula da Silva, this time for allegedly using his influence to obtain government loans for a Brazilian construction company in exchange for kickbacks paid to his nephew, prosecutors said. Mr. da Silva was charged with corruption, money laundering, influence peddling and conspiracy. If found guilty of the charges, Mr. da Silva, who led Brazil from 2003 to 2010, could face up to 35 years in prison. A judge in Brasília would have to accept the charges for Mr. da Silva to face trial.

PDG Realty SA said that it continues to discuss options with its financial advisers, denying a newspaper report that it would soon file for bankruptcy protection, the Brazilian homebuilder said in a securities filing, Reuters reported yesterday. PDG said that it is still weighing alternatives to strengthen its capital structure and restructure its finances, the company said in the filing.

Brazilian airlines are up in arms over a decision by Brazil’s tax authority to list Ireland as a tax haven, which means about 1 billion reais (€273.7m) in new taxes on aircraft leases for carriers struggling to regain profitability, the Irish Times reported. “The impact is brutal,” said Eduardo Sanovicz, head of Brazilian airline association Abear, who will meet today with tax authorities in Brasilia to try to reverse the surprise tax decision taken without consulting the airline industry.

A Brazilian state appeals court postponed on Monday a vote on the legality of several aspects of Grupo OAS SA's restructuring plan for at least a couple of weeks, adding uncertainty to efforts by the debt-laden engineering conglomerate to emerge from bankruptcy protection, Reuters reported. The appeals court in São Paulo agreed earlier in the day to reconvene as early as Oct. 3 to discuss the 19 challenges put forward by a number of local and foreign creditors.

Viver Incorporadora & Construtora SA filed for bankruptcy protection on Friday, becoming the first listed Brazilian homebuilder ever to seek an in-court reorganization amid a harsh recession, tough refinancing conditions and slumping home prices, Reuters reported. In a securities filing, Viver said management and advisers, led by Alvarez & Marsal Holdings LLC, filed the request in a commercial court in São Paulo.

The top two shareholders in Oi SA have agreed to end their dispute over the future of Brazil's largest fixed-line carrier, which is mired in a protracted bankruptcy protection process, two people briefed on the matter said on Tuesday. Under terms of the accord, Pharol SGPS SA, Oi's biggest shareholder, and Brazilian investor Nelson Tanure of investment fund Société Mondiale FIA will devise and discuss strategies aimed at helping pull Oi from creditor protection, said the first person.

Brazilian prosecutors filed criminal charges against former President Luiz Inácio Lula da Silva and his wife in connection with a vast graft scandal, raising the prospect that the nation’s most towering political figure could land behind bars, The Wall Street Journal reported. In a dramatic presentation carried live on Brazil’s main news stations, prosecutors charged Mr.

The reorganization plan presented by Brazilian phone carrier Oi SA to a bankruptcy court this week was rejected by a group of bondholders on Thursday, who accused the company of putting the interests of shareholders first, Reuters reported. The steering committee for Oi's biggest organized group of bondholders, which holds 40 percent of Oi bonds by face value, said the company's proposal includes a debt reduction of 22 billion reais ($6.9 billion), which they called "unacceptable." The committee said it is working with other creditors to submit an alternative debt restructuring proposal.