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Creditors of collapsed Brazilian bank seek debt to equity swap.

Global Banking News-January 10, 2014--Creditors of collapsed Brazilian bank seek debt to equity swap

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Global Banking News - 10 January 2014

The creditors of Brazilian lender, Banco Cruzeiro do Sul SA, are seeking debt-to-equity swap to recover their loans faster.

The bank, which was liquidated in 2012, has about USD2.3bn in unsecured debt. The proposed swap would allow creditors to recover their money in two years instead of five. It could also result in making the bank more saleable, said Marcelo Godke Veiga of legal firm, Godke Silva & Rocha.

Veiga said that such an arrangement would be the first for a liquidated bank in Brazil.

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Publication:Global Banking News (GBN)
Date:Jan 10, 2014
Words:134
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