Oi SA ‘s debt with a local regulator and state-run banks, the communications minister said, denying the phone carrier a lifeline that would have helped it pull out of the biggest bankruptcy in the country’s history. “The govt can’t let go of resources, they are public resources, debt with the public administration,” Science and Technology Minister Gilberto Kassab, who also oversees communications, said Sunday in an interview in Barcelona, Spain.
Category: Bankruptcy
Hanjin Shipping ends 40 years of sailing
A court in South Korea has declared the bankruptcy of Hanjin Shipping, after two weeks of appeals that ended Friday, bringing to a close 40 years of the company’s history as a leading shipping line and leaving challenges for the industry. The demise of the company — once the largest shipping company here and the world’s seventh biggest — began in 2008 in the midst of the financial crisis.
Senate panel books hearing for Trump Israel envoy pick this week
Donald Trump’s nominee for ambassador to Israel will be grilled by the Senate Foreign Relations Committee Thursday, when he will likely face questions from lawmakers on past controversial statements and his reported support for Israeli settlement building. The nomination hearing for David Friedman will place him among the first non-cabinet level nominees to commence the confirmation process.
Poland – Factors to Watch Feb 3
Following are news stories, press reports and events to watch that may affect Poland’s financial markets on Friday. ALL TIMES GMT : Polish credit union Wielkopolska SKOK which gathered 302 million zlotys is about to go bankrupt and its operations were thus suspended, the financial regulator KNF said.
Shipbuilder Ecovix, units file for bankruptcy protection in Brazil
Dec 16 Ecovix Engevix Construcoes Oceanicas SA and five subsidiaries have filed for bankruptcy protection in a federal commercial court, succumbing to a debt burden of 8 billion reais and a plunge in shipbuilding. In a statement on Friday, Ecovix said Banco Brasil Plural SA and law firm Felsberg Advogados will advise it on bankruptcy protection proceedings, which will take place in a court based in the southern Brazilian state of Rio Grande do Sul.
UPDATE 2-Oi aims to renegotiate debt before taking new capital -source
The company declined to comment on the account provided by the source, who spoke on condition of anonymity due to the sensitivity of ongoing talks. Oi said in a securities filing late on Wednesday that its board had received a report from financial adviser LaPlace based on feedback from creditors and authorized its executives to move forward with talks about a possible debt-for-equity swap.