Aracruz Blows Through Deadline for Derivative Talks

Aracruz Blows Through Deadline for Derivative Talks

Brazil

Brazilian paper and pulp company Aracruz failed to come to an agreement with banks regarding a settlement over some $2.13bn in derivatives losses it incurred by taking speculative bets on the direction of the BRL. A November 30 deadline was extended until Friday, December 12, but Aracruz says in a statement to the CVM posted Friday that an agreement has not yet been reached, and that discussions are still going on. A local report in Valor noted last week that the group of banks Aracruz is

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