Banking & Business

Banking & Business

Corporate & Sovereign Strategy

Globopar Defaults 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. S&

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