The Brazilian government lowered its 2017 annual gross domestic product forecast to 1.0% from 1.6%, a sign that Latin America’s largest economy is struggling to rebound from a deep recession, The Wall Street Journal reported. Fabio Kanczuk, secretary of economic policy for Brazil’s Finance Ministry, made the announcement Monday at a press conference in Brasília. Low oil prices and the lingering effects of a massive corruption scandal have hammered the key oil-and-gas sector, as well as state-run Petróleo Brasileiro SA.

Fishing firm Fripur’s former workers presented a note at a Creditors’ Meeting Court in which they claim the nullity of the insolvency process allocating the company assets to the multinational firm Cooke Aquaculture, FIS reported. Cooke Aquaculture was expected to pay USD 15 million, but so far it has only deposited USD 3.8 million. The workers that are members of the cooperative that was formed after the bankruptcy of the fishing firm, Eco-Fripur, argue that the multinational firm has not met the payment terms and that, therefore, the process is null.

New York-based Aurelius Capital Management is behind the formation of a dissident bondholders group at Brazil's Oi SA that emerged last week, a source with direct knowledge of the matter said on Monday. The new group will also soon announce a financial adviser to handle negotiations with the debt-laden Brazilian carrier, which filed in June for the country's largest-ever bankruptcy to restructure about $19 billion of liabilities, the same source said.

Egyptian billionaire Naguib Sawiris and some creditors of Oi SA have renewed their ties and are working on a post-bankruptcy protection plan for the Brazilian phone carrier that could be ready within 30 days, Reuters reported. In a joint statement released on Friday, a group that includes about 70 bond firms that are advised by Moelis & Co and Sawiris affirmed their rejection of a plan proposed by Oi's management on Sept. 5. Reuters reported on Oct. 21 that Sawiris and the Moelis-led group had teamed up, pledging to inject $1.5 billion into Oi.

Brazilian politicians are stepping up efforts to impede the country’s biggest-yet corruption probe, says a prosecutor leading the investigation, as a power struggle intensifies between the legislative and judiciary branches. In an interview with The Wall Street Journal, Deltan Dallagnol, one of the federal prosecutors spearheading the so-called Operation Car Wash investigation, said recent congressional maneuverings are aimed at undermining the massive probe and granting broad immunity to lawmakers.

Brazil's telecommunications watchdog Anatel has temporarily suspended two Oi SA board members appointed by minority investor FIA Société Mondiale, on suspicion of participating in meetings and influencing decisions affecting the carrier without the agency's permission. Anatel will uphold the suspension of both board members until officials decide whether Société Mondiale requires prior regulatory consent to join the controlling bloc of Oi, Carlos Baigorri, the watchdog's head of competition, told reporters on Tuesday in Brasilia.

The Brazilian government is not considering an intervention in debt-laden carrier Oi SA at this point, on hopes creditors and shareholders can reach a negotiated solution involving no state bailout, Communications Minister Gilberto Kassab said on Monday, Reuters reported. Officials are currently working on providing Oi the necessary support to emerge stronger from bankruptcy protection, Kassab said at an event in Brasilia. The government is all for Oi to negotiate a "market-based solution" that helps it emerge stronger from creditor protection, he said.

Venezuela, which has the largest crude reserves on the planet, has defied predictions of default since the oil collapse started in 2014, and analysts are split as to how long the nation of 30 million can hold out. With that in mind, Bloomberg is taking a close look each month at some of the key components that may determine its fate. After weeks of tense negotiations, state oil company Petroleos de Venezuela said last week that creditors holding $2.8 billion of bonds that come due over the next year agreed to extend maturities.

The Brazilian government collected 50.9 billion reais ($15.8 billion) in taxes and fines under an amnesty program offered to individuals and corporations with undeclared but legitimate funds parked overseas, the Finance Ministry said on Tuesday. By the program’s Monday deadline, 25,114 individuals and firms agreed to pay a 15% income tax and a fine equal to taxes paid, lower than they would have paid without the program, in exchange for immunity from potential prosecution for tax evasion and other charges, the ministry said.

Óleo e Gás Participações SA , the oil firm founded by Brazilian tycoon Eike Batista now operating under bankruptcy court supervision, has proposed a debt-for-equity swap after a slump in oil prices compromised its financial health. In a Friday securities filing, the company said it proposed the plan to lenders owed 1.85 billion reais ($5a79 million) in debt, including a loan provided to help the firm emerge from bankruptcy, called a debtor-in-possession (DIP) facility.