Still Seeking a Buyer, Cruzeiro Extends Buyback

Still Seeking a Buyer, Cruzeiro Extends Buyback

Brazil Bonds M&A

The credit guarantee fund administering a tender for Brazil's Banco Cruzeiro do Sul extended its deadline by one day, it says, and is expected to make an announcement about the fate of the bank today. The Fundo Garantidor de Credito's (FGC) offer to buy back $1.58bn of the mid-size Brazilian bank's debt needs 90% acceptance from creditors - it was short of this mark as of the August 28 deadline - and it must find a buyer for the troubled bank. The tender had hit 75% as of the

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