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South American carrier LATAM is making progress with the court and can begin the solicitation process to get the approval on its plan of reorganization, Simple Flying reported. LATAM is eyeing to exit its chapter 11 bankruptcy proceedings in the second half of 2022. LATAM Airlines Group is moving forward with its chapter 11 bankruptcy process. Yesterday, the group’s Disclosure Statement was approved in the U.S. In the last few months, the company has filed five revised documents concerning its Plan of Reorganization (first filed on Nov.

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Creditors of Brazilian miner Samarco Mineracao SA have suspended their assembly to reconvene on April 1 after the company presented a new restructuring plan on Thursday, Reuters reported. Samarco, a joint venture between Vale SA and BHP Group PLC, changed its restructuring plan to offer a new alternative to pay creditors, hybrid bonds that will distribute part of Samarco's cash flow. The company did not change other conditions in the plan, such as the 75% haircut over the bonds face value.
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Brazil's central bank announced tougher rules for fintechs on Friday, saying that payment institutions will be subject to regulations based on their size and complexity and raising standards for required capital, Reuters reported. The new framework, which will start taking effect in January 2023 with full implementation by January 2025, will extend the proportionality of regulatory requirements currently used for conglomerates of financial institutions to include financial conglomerates led by payment institutions.
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Brazil's government is planning to allow port costs to be excluded from tax calculations to lower the cost of imports, three Economy Ministry sources told Reuters, in a measure backed by the country's industry lobby. At the same time the government is mulling cutting the tax levied on shipping freight, two of the officials said. The moves are prompted by the surge in commodity prices and higher shipping costs caused by the war in Ukraine.
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Argentina’s government published on Friday the detailed plan for reducing its fiscal deficit and central bank financing as part of its pending $45 billion deal with the International Monetary Fund, Bloomberg News reported. The agreement with IMF staff, announced Thursday, has now been submitted to Argentina’s congress and will go before a vote sometime in the coming weeks. The country will receive 7 billion ($9.8 billion) of the IMF’s special drawing rights upon approval by lawmakers and the executive board of the Washington-based organization, according to the document.
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Brazil's economy expanded 0.5% in the three months to December, government statistics agency IBGE said on Friday, resulting in a 4.6% expansion of gross domestic product (GDP) in 2021, Reuters reported. The growth from the previous quarter was higher than the 0.1% forecast in a Reuters poll of economists. The 1.6% expansion over the fourth quarter of 2020 was also larger than the 1.1% rise projected.
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A federal judge put in motion a sale process for Venezuela’s stake in Citgo Petroleum Corp. “up to and including selecting a winning bid,” even as the U.S. government continues to block any change in control of the Houston-based refiner, WSJ Pro Bankrupty reported. Judge Leonard Stark of the U.S. District Court in Wilmington, Del., approved a sale procedure for the shares of Citgo’s U.S. holding company, a valuable state asset controlled by the U.S.-backed opposition to Venezuela’s authoritarian regime. The shares can’t be transferred under current U.S.
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Brazilian miner Vale SA will sign on Friday an agreement with local authorities in which it must pay 236.7 million reais ($46.0 million) for failing to meet a legal deadline to decommission its tailings dams in the state of Minas Gerais, a document seen by Reuters showed. According to the draft agreement, struck with the Minas Gerais state prosecutors, the company will also undertake a series of obligations to remove all of its upstream tailing dams.
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Samarco Mineracao on Wednesday presented a new debt restructuring proposal it hopes can win the support of creditors at a meeting on March 10 and help take the Brazilian iron ore miner out of bankruptcy, Reuters reported. Creditors of the joint venture between Vale SA and BHP Group had been expected to vote on Wednesday on the latest proposals to restructure some $5 billion in debt. But due to a lack of quorum, the meeting was rescheduled, Samarco said in a statement.
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Brazil's federal public debt grew 0.05% in January from December to 5.616 trillion reais ($1.12 trillion), the Treasury said on Wednesday, with interest rates rising as the central bank tightens monetary policy to fight double-digit inflation, Reuters reported. The average interest rate on the domestic federal debt increased to 8.9% in January from 8.49% in December, the Treasury said, and the average rate on the new domestic debt issued in the 12 months to January rose to 8.92% from 8.75%.
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