South America

As Spain's economy begins to recover from a near-fatal crisis, Latin American companies and entrepreneurs are ahead of the pack in gaining a foothold from which they can grab a share of the spoils, Reuters reported. Mexicans, Venezuelans and others have moved into areas such as banking, travel, food and other consumer-orientated sectors. Investors from Spain's former colonies are also snapping up financially strained firms in "the Mother County" in need of liquidity boosts.
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Brazilian entrepreneur Eike Batista's Oleo e Gas Participacoes SA promised in a securities filing on Thursday to honor its debts in two offshore oil fields with the financial resources it obtained from an agreement with creditors last week, Reuters reported. QGEP Participações SA, Oleo e Gas's partner, said on Monday that the company, formerly known as OGX, could lose its 40 percent stake in the Atlanta and Oliva fields in Brazil's Santos Basin if it fails to pay its share of development costs.
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Brazilian tycoon Eike Batista's Oleo e Gas Participacoes SA risks losing its 40 percent stake in the Atlanta and Oliva fields in Brazil's Santos Basin for failure to pay its share of development costs, its partner, QGEP Participações SA, said on Monday. Oleo e Gas, formerly known as OGX Petroleo e Gas Participacoes SA, has been ordered to show its financial obligations in the fields, part of the BS-4 offshore concession, are up to date, according to a note from Brazil's oil regulator ANP, dated Dec. 23, QGEP said in a securities filing, Reuters reported.
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OSX Brasil SA will take a 7.0 percent stake in sister company Óleo e Gás Participações SA after agreeing to convert $1.5 billion of debt into stock, a step key to help the ailing oil producer exit bankruptcy, Reuters reported today. The debt stems from the termination of several contracts to lease oil production ships to Óleo e Gás, which filed for court protection on Oct. 30 and was formerly known as OGX Petróleo e Gás Participações SA, OSX said in a securities filing late on Wednesday. Both companies are controlled by tycoon Eike Batista's Grupo EBX.
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Jaguar Mining Inc., the operator of two Brazilian gold mines, filed for bankruptcy protection in Canada as it tries to restructure its debt, Bloomberg News reported yesterday. Jaguar started proceedings under the Companies’ Creditors Arrangement Act in Ontario, the Toronto-based company said yesterday. The company said its recapitalization plan has the support of bondholders who collectively hold about 93 percent of Jaguar’s 4.5 percent convertible notes due Nov. 1, 2014 and 5.5 percent notes due March 31, 2016.
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OSX Brasil SA expects a deal in the coming days to delay an interest payment on bonds sold to finance an oil production ship, a move that will help the ailing Brazilian shipbuilder move ahead with a restructuring plan, a senior executive said on Wednesday, Reuters reported. A deal will allow OSX, controlled by tycoon Eike Batista, to put off a Dec. 20 interest payment on $500 million of 9.25 percent bonds due in 2015, Chief Financial Officer Claudio Antonio da Silva Zucker said at the sidelines of an event in Rio de Janeiro. Reuters reported on Dec.
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A Venezuelan lender that bid more than €1 billion beat out three big Spanish rivals and three U.S.-based investment firms in an auction to buy a nationalized Spanish bank, the country's bank-bailout fund announced Wednesday, The Wall Street Journal reported. Banesco Grupo Financiero Internacional and its Spanish unit Banco Etcheverría SA offered to pay €1.003 billion ($1.38 billion) to buy NCG Banco SA, the largest bank in Spain's northwestern region of Galicia.
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Brazil's Petróleo e Gas Participações SA, controlled by former billionaire Eike Batista, started oil production from a second well in its Tubarão Martelo offshore field, according to a regulatory filing on Monday. Output from the OGX-44HP well began on Saturday, the filing said. Petroleo e Gas Participações SA is the new name of OGX Petroleo e Gas Participações, the company said in a statement late Friday. Output from the field's first well, also in Tubarão Martelo, was announced on Friday.
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OSX Brasil SA, the financially strapped shipbuilder controlled by Brazilian tycoon Eike Batista, posted a third-quarter loss of 1.84 billion reais ($801 million), Reuters reported. The results came in late on Monday, after a Rio de Janeiro court accepted a bankruptcy protection request from OSX, giving it and two of its three nontraded subsidiaries, OSX Construção Naval Ltda and OSX Serviços Operacionais Ltda, 180 days to prepare a restructuring plan. In the third quarter of 2012, OSX earned 6.92 million reais.
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Pensioners in developed economies are no longer being spared the worst effects of the financial crisis as fiscal austerity programmes aimed at curtailing spending on the elderly start to kick in, the OECD has warned, the Financial Times reported. Spending on pensions, which accounts for nearly a fifth of government outlays on average across the 34-nation Organisation for Economic Co-operation and Development, is being limited through a variety of benefit changes including raising state retirement ages and freezing – or even cutting – payouts.
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