Brazil Judge Rules Against Coffee Exporters Facing Debt ‘Crisis' [Yahoo! Finance]
BANCO DO BRASIL SA S/ADR (BDORY)
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Source: Yahoo! Finance
Most Read from Bloomberg As Wars Rage, Cities Face a Dark New Era of Urban Destruction Riyadh Metro Partially Opens in Bid to Ease City's Traffic Jams Companies owned by the coffee group — Atlântica Exportação e Importação SA and Cafebras Comércio de Cafés do Brasil SA — were denied their joint request for a 60-day grace period on debt repayment as they negotiate with creditors in order to avoid filing for bankruptcy. The decision came from Judge Murilo Silvio de Abreu, and the initial ruling can still be appealed. “I understand the plaintiffs' crisis situation, which has been well demonstrated, but to require such creditors to bear the burden for 60 days, with all due respect, is unreasonable,” the judge said in a Dec. 3 ruling seen by Bloomberg News. The latest move is likely to increase concerns over mounting financial stress in global coffee markets. Futures prices for arabica beans — the variety favored for high-end brews — have been on a rampage, jumping around 70%
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- 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
- Banks behind troubled Brazil coffee traders could take $181 million hit [Yahoo! Finance]Yahoo! Finance
- Banks behind troubled Brazil coffee traders could take $181 million hit [Yahoo! Finance Canada]Yahoo! Finance Canada