Banks behind troubled Brazil coffee traders could take $181 million hit [Yahoo! Finance]
BANCO DO BRASIL SA S/ADR (BDORY)
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Source: Yahoo! Finance
have a total of 1.1 billion reais ($181.6 million) in credit with the firms, court documents seen by Reuters showed on Monday. The amount refers only to advance money the banks gave to traders Atlantica and Cafebras in contracts linked to future coffee exports, known locally as ACCs, according to the documents. It is not known if the traders have other debt with roasters or coffee importers related to supply deals. Brazil's largest bank, state-controlled Banco do Brasil SA, has the biggest share of the debt with 765 million reais, followed by Banco BTG Pactual with 181.5 million reais and Banco do Nordeste with 100.9 million reais, the documents showed. Other three banks had smaller credits pending from ACCs. Atlantica and Cafebras, both owned by Brazilian coffee group Montesanto Tavares, filed a request last week to have a large part of its debt negotiated in court, a judicial move that can precede a bankruptcy proceeding if the negotiation is not successful. The move left
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News
- BANCO DO BRASIL/S (OTCMKTS: BDORY) was downgraded by analysts at Citigroup Inc. from a "strong-buy" rating to a "hold" rating.MarketBeat
- BANCO DO BRASIL/S (OTCMKTS: BDORY) was downgraded by analysts at The Goldman Sachs Group, Inc. from a "strong-buy" rating to a "hold" rating.MarketBeat
- Brazil Judge Rules Against Coffee Exporters Facing Debt ‘Crisis' [Yahoo! Finance]Yahoo! Finance
- Banks behind troubled Brazil coffee traders could take $181 million hit [Yahoo! Finance Canada]Yahoo! Finance Canada