Odebrecht Óleo & Gás SA, the offshore oil drilling firm owned by Brazil's Odebrecht SA, has obtained support from more than 60 percent of its creditors for a restructuring of about $5 billion in debt, two sources with knowledge of the matter said on Friday. The sources, who asked for anonymity because discussions are private,... Continue Reading →

Brazil is toughening requirements for ethanol importers to protect domestic producers from an incoming surge of U.S. corn ethanol, a minister said on Monday, adding that he opposed the idea of new tariffs that could trigger costly retaliation. Buyers of foreign ethanol will now have to follow a rule applied to Brazilian ethanol producers regarding... Continue Reading →

The Brazilian economy returned to positive in the first quarter after a long recession, according to Central Bank data released on Monday, which have not yet indicated a linear or strong recovery. The Central Bank's Economic Activity Index (IBC-Br), a type of indicator of Gross Domestic Product (GDP), grew by 1.12% from January to March over... Continue Reading →

PetroRio reported net income of R $ 4.019 million in the first quarter of this year, reversing a net loss of R $ 65.387 million in the same period of 2016. According to the company, the improvement in net profit was mainly due to the "Brent valuation and reduction of the lifting cost". Ebitda between... Continue Reading →

Tidewater, one of the world’s largest offshore vessel owners, has entered into a debt restructuring support agreement with certain consenting creditors. The U.S.-based vessel company has entered into the deal with lenders under its Fourth Amended and Restated Revolving Credit Agreement, dated as of June 21, 2013, and holders of Tidewater Senior Notes to put... Continue Reading →

Banks are raising the heat on Brazilian conglomerate Odebrecht SA to put its house in order after months of treating the scandal-hit company with kid gloves because of fears its collapse could hurt their balance sheets, sources said. Odebrecht has agreed to accelerate asset sales as part of a deal with creditor banks to let... Continue Reading →

Petroleo Brasileiro SA has room to improve the efficiency of its investments and payroll spending, executives said on Friday, underscoring that a record first-quarter operating profit was just an early sign of what their turnaround plan can accomplish. Preferred shares of the company, known as Petrobras, jumped as much as 5 percent to an 11-week... Continue Reading →

Brazilian engineering conglomerate Odebrecht SA [ODBES.UL] said on Friday it had tapped Luciano Guidolin as its new chief executive officer, replacing current CEO Newton de Souza. Guidolin, currently vice-president of investments for the group, played a key role in negotiating plea deals in Brazil, Switzerland and the United States, according to an Odebrecht statement. Executives... Continue Reading →