trending Market Intelligence /marketintelligence/en/news-insights/trending/SJfLBO5BTgL3vMqTjOFl8w2 content esgSubNav
In This List

Report: Brazilian banks throw a 60-day lifeline to struggling steelmaker Usiminas

Blog

Post-webinar Q&A: Speed and Scalability – Automation in Credit Risk Modeling

Case Study

A Chinese Bank Takes Steps to Minimize Risks as it Supports International Trade

Blog

Middle East Africa MA by the Numbers: Q3 2021

Blog

Banking Essentials Newsletter: November Edition 2021 - Part 2


Report: Brazilian banks throw a 60-day lifeline to struggling steelmaker Usiminas

Brazilian banks that are creditors of steelmaker Usiminas havegranted a 60-day extension to a standstill agreement, in an effort to help the companyget its financial debt restructuring in order, Reuters reported, citing a statementfrom Banco Nacional de DesenvolvimentoEconômico e Social.

The extension, which will expire July 22, was also agreed toby Itaú Unibanco Holding SA,Banco Bradesco SA andBanco do Brasil S.A.,the report said.

A source told Reuters that Usiminas had asked banks for an extensionof up to 45 days so it can organize a capital increase reportedly worth 1 billionBrazilian reais that is considered crucial to start its debt restructuring.

As of July 13, US$1 wasequivalent to 3.29 Brazilian reais.