Reuters: Bankruptcy News: Brazil's CAOA sees BVA purchase sinking amid rift with creditors

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Brazil's CAOA sees BVA purchase sinking amid rift with creditors Mar 27th 2013, 17:20 SAO PAULO, March 27 | Wed Mar 27, 2013 1:20pm EDT SAO PAULO, March 27 (Reuters) - Brazilian entrepreneur Carlos Alberto Oliveira Andrade failed to rally support from some creditors of Banco BVA to take over the bankrupt small-sized lender, just hours ahead of a central bank deadline on Wednesday to avert its liquidation. A proposal by Oliveira and his car dealership and financing group CAOA to pay bondholders of BVA's local and dollar-denominated debt a 65 percent discount on their holdings was rejected by a group of pension and retirement funds represented by local BNY Mellon and Drachma Capital, CAOA said in a statement. "It's hard to tell whether the negotiations will continue, because Banco BVA could be liquidated in any moment," the statement said. Brazil's central bank seized Banco BVA on Oct. 19, citing deteriorating financing conditions and a breach of regulations at the Rio de Janeiro-based lender. CAOA said that an extension of the deadline was unlikely. Calls to media representatives of BNY Mellon and Drachma were not immediately answered.

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