JANUARY 30, 2017 — Toisa Limited and 23 of its affiliated vessel-owning companies announced today that it has filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Reuters reports that Toisa, owned by Greek shipping magnate Gregory Callimanopulos, has... Continue Reading →

Brazilian construction firm Odebrecht, under investigation for paying hundreds of millions in bribes across Latin America, withdrew its bid to build a bridge over the Panama canal, the president of the Central American nation said on Monday. Last week, Panama prosecutors said they had charged 17 people, including several businessmen and former government officials, with... Continue Reading →

A growing number of large Brazilian companies will seek protection from creditors in 2017, hitting a record for a third straight year due to a harsh recession and tight credit conditions, bankers and lawyers said on Monday. New bankruptcy filings from companies with annual revenue surpassing 50 million reais ($16 million) are expected to top... Continue Reading →

A.P. Moller-Maersk (MAERSKb.CO) is considering selling its oil and gas business in Brazil as the shipping giant's energy group narrows operations in a restructuring, its chief executive said. While the group has given itself two years to decide on the exact strategy, Maersk Energy is clearly focusing on its two major developments that are planned... Continue Reading →

Oil-services giant Halliburton Co. told employees to stay put. Another global oil company is reconsidering whether to place a crude trader in Houston. And universities that train energy workers across the country estimated that hundreds of students may be affected. Of all the energy sectors that may feel the pain of President Donald Trump’s order... Continue Reading →

Jan. 30, 2017 With debts of R $ 1.3 billion, Enseada Paraguaçu is the first Odebrecht company to request approval of an extrajudicial recovery plan to avoid bankruptcy The Enseada Paraguaçu shipyard, whose main partner is Odebrecht, asked Friday night that the Rio de Janeiro court approve a request for extrajudicial recovery for the company.... Continue Reading →

As the Brazilian government prepares for a confrontation with the nation’s workforce over far-reaching pension reform, one profession is notably absent from the belt-tightening move: the military. Following Congress’s approval of a public spending cap late last year, the government of President Michel Temer is pushing ahead with a broad pension reform as the next stage... Continue Reading →

Eike Batista, once Brazil's richest man, flew into Rio de Janeiro on Monday and was detained by federal police in connection with charges including an alleged $16 million bribe to a former governor, Globo news television reported. Batista, a brash entrepreneur who became the face of Brazil's now-fizzled commodities boom, had been sought since last... Continue Reading →