Cruzeiro in Biggest Latin America Default in 10 Years
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Banco Cruzeiro do Sul SA will be liquidated by Brazil’s central bank after attempts to find a buyer failed, prompting Latin America’s biggest corporate-bond default in more than 10 years.
Officials appointed to run the Sao Paulo-based company found a “serious violation” and unfunded liabilities that made it impossible to resume normal operations, Brazil’s central bank said today in a statement.