Oncoclínicas is set to file a precautionary court request seeking protection from creditors after breaching its debt limits and receiving a going-concern warning from Deloitte, Bloomberg News reported. The company must also negotiate with physicians this week, as doctors have threatened a coordinated resignation over drug shortages that have already delayed treatment for around 6,000 cancer patients. Sources added that Porto and Fleury requested an extension of their exclusivity agreement, which expired on Sunday (12), though approval appears uncertain.
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Ecuador's government on Thursday said it was raising tariffs on imports from its larger neighbor Colombia to 100% from a prior level of 50%, citing Colombia's alleged failure to implement border security measures, Reuters reported. "After confirming Colombia’s failure to implement concrete and effective border security measures, Ecuador is compelled to take sovereign action," the government said in a statement. Ecuador said the tariffs would take effect from May 1.
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Argentines’ improved access to credit was a notable shift in a nation where it has long been scarce, even if the amount available still lags far behind the rest of Latin America. But a new problem has emerged in the wake of a sharp rise in interest rates, slowing economic growth and rising unemployment at the end of last year: a growing number of borrowers are struggling to repay debts, Bloomberg News reported.
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The downgrade of Colombia’s rating to BB- by Standard & Poor’s (S&P) marks a further deterioration in the country’s risk perception, particularly driven by its high fiscal deficit, ColumbiaOne.com reported. The decision reflects doubts about the strength of its public finances and raises the cost of financing its debt in international markets, although it stabilizes its outlook going forward. The announcement comes amid tensions between the government of Gustavo Petro and credit rating agencies, which he has openly criticized.
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Brazilian airline Azul said on Monday that Chief Financial Officer Alex Malfitani, one of the airline's founders, will step down on April 20, with Embraer's Antonio Carlos Garcia set to assume the role, Reuters reported. Garcia served as CFO at Embraer, which announced his resignation earlier on Monday. Embraer added that CEO Francisco Gomes Neto will assume the CFO position on an interim basis.
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Rising petrochemical prices have buoyed the long-term prospects for Brazil's Braskem even as the company is racing against the clock to deal with looming interest payments on its debt, Reuters reported. The petrochemical producer, with operations in Brazil, the U.S. and Mexico, is considering whether to seek an injunction to avoid a painful debt restructuring, as the stronger market outlook is not enough to provide short-term relief. Brazilian newspaper Valor was first to report that Braskem could file a petition seeking protection from its creditors.
The global surge in fuel prices is exposing how unevenly South America is positioned to absorb the shock, with Argentina’s radical free‑market experiment under President Javier Milei facing particular pressure, Reuters reported. Among Argentina's neighbors, import‑dependent Chile has been among the hardest hit by fallout from the U.S.-Israeli conflict with Iran. Fuel prices there are set to jump as much as 30% for gasoline and 60% for diesel after the government was forced to unwind its price‑stabilization scheme, citing strained public finances.
The commercial court declared the bankruptcy of Plunimar S.A., the operating company of the Aquarium of Mar del Plata, according to Noticias Ambientales. Consequently, the process revealed an issue that goes beyond financial matters: the sale of animals. Currently, 66 animals remain on the premises under judicial administration. Among them are penguins and sea lions that require constant attention. Additionally, the case is being processed in the National Commercial Court No. 20. Thus, a scenario has opened where the priority is not only economic but also environmental.
Colombia faces mounting uncertainty after the government's decision to withdraw from the central bank's board cast doubt on future decisions following a 100-basis-point interest rate hike, analysts warned on Wednesday, Reuters reported. Finance Minister German Avila, the government's representative on the central bank board, announced his withdrawal from the body on Tuesday with the support of President Gustavo Petro. The move followed the board's decision to raise the benchmark interest rate to 11.25% in a split 4-2-1 vote.
One of Chile’s leading fruit exporters, Exportadora Santa Cruz, has filed for bankruptcy with debts of around US$55bn, Eurofruit reported. It follows a second failed reorganization process embarked on by the company in less than a year, prompting creditors to request forced liquidation due to noncompliance with the reorganisation plan. The 1st Civil Court of Santiago declared bankruptcy on 18 March and scheduled a hearing for 30 April to finalize the voting rights process and the constitutive creditors’ meeting.