Cruzeiro Offers Haircut, Awaits Buyer
The Fundo Garantidor de Credito (FGC) administering Brazil’s Banco Cruzeiro do Sul is offering to buy back the troubled lender’s dollar bonds at about 49% of face value, it says, as part of a process to sell the bank. The FGC has launched an offer targeting $1.58bn in six series of Cruzeiro’s bonds and has disclosed a BRL2.24bn ($1.10bn) shortfall...
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