Globopar, the financial arm of Brazilian media conglomerate,
Organizações Globo, has defaulted on $1.5 billion
in debt, because of Brazil's falling currency and a stagnant
advertising market. Rio de Janeiro's Marinho family, which
owns Globopar, has injected $170 million in the company and its
subsidiaries over the last six months. In spite of this, the
company announced in November that its dollar-denominated debt
had become increasingly difficult to pay as the realplunged and
revenues remained depressed. The company has hired Goldman
Sachs and Houlihan Lokey Howard & Zukin
Capital to advise on restructuring the debt. São
Paulo-based Unibanco will act as local advisor to
Globopar. In September, Philippe Reichstul, the former CEO of
state-owned oil company Petrobras, resigned as president of
Globopar after only six months in the job. Globopar CFO Ronnie
Moreira took over after Reichstul's exit. Globo owns the
dominant TV Globo network, a chain of local radio stations, a
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