Talk of a recovery abounds in corporate Brazil today. Of course, what constitutes improvement for a sector crippled by a pay-for-play scandal and multi-year recession can seem tepid, even a bit curious, to the outside observer.
Mostly, investors seem to want closure, and companies are trying their best. Petrobras, the state-controlled oil giant at the heart of the Carwash probe, agreedto pay $2.95 billion to compensate U.S. investors who lost money amid the crisis; phone operator Oi SA is ending an 18-month battle with creditors by committing to a $19 billion debt restructuring plan; and the parent company of meatpacker JBS SA is in talks to reach a new leniency agreement to settle outstanding claims against the company.
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