Brazils economic quagmire, with an ever-growing corruption scandal on top of the longest and deepest recession in at least a century, is producing an unprecedented era of corporate debt restructuring in the country.
Brazilian debt now accounts for 45 percent of Bank of America Corp.s $137 billion index for distressed emerging-market bonds, compared with less than 10 percent a year ago. Builder OAS SA and commodity trader Ceagro Agricola Ltda. are among the companies that have already been negotiating with creditors. Phone carrier Oi SA hired PJT Partners to help with its $15 billion pile of debt.
Law firms like Dias Carneiro Advogados are hiring to keep up with the demand for their advisory services — and theres still not enough to go a…
Read the full article at: http://www.bloomberg.com/news/articles/2016-03-17/brazil-s-crushing-debt-loads-are-leading-to-a-restructuring-boom