Reuters: Bankruptcy News: Brazil's CAOA offers to buy Banco BVA 2014 bonds at discount

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Brazil's CAOA offers to buy Banco BVA 2014 bonds at discount Mar 21st 2013, 19:20 Thu Mar 21, 2013 3:20pm EDT * CAOA offers 35 cents on the dollar plus interest for bonds * Banco BVA was seized by central bank after breaching rules By Guillermo Parra-Bernal SAO PAULO, March 21 (Reuters) - Brazilian entrepreneur Carlos Alberto Oliveira Andrade is offering investors to buy their holdings of Banco BVA SA's 2014 bonds at a 65 percent discount as part of plans to take over the bankrupt Brazilian small-sized lender, two sources with knowledge of the situation said on Thursday. Oliveira Andrade, who through his car dealership and financing group CAOA is extending the tender for the bonds, formalized a proposal to buy Banco BVA last week. Banco BVA was seized by the central bank last October, citing deteriorating financing conditions and a breach of regulations. CAOA is offering to pay bondholders of the notes 35 cents on the dollar plus accrued interest in cash, the sources said. The tender, which is being managed by Deutsche Bank AG and Brasil Plural Banco Multiplo SA, hinges on a successful acquisition of Banco BVA, the sources added. In the takeover proposal made to regulators and Banco BVA's creditors last week, Oliveira Andrade wants to convert all debts into shares of BVA. Currently there are $45 million outstanding of the 2014 securities. CAOA's press office did not immediately respond to written requests seeking comment on the plan. Calls to a spokesman for CAOA in São Paulo were not immediately answered. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions