Brazil Banks Postpone Pain by Giving Companies More Time to Pay

  • Renegotiated loans at Banco do Brasil more than double
  • Nation’s average maturity on loans jumps to widest on record

Brazil’s biggest banks, already reeling from a surge in bad loans, tried to avoid deeper losses as phone company Oi SA headed toward default, agreeing to a grace period of at least four years with no payments on 17 billion reais ($5.1 billion) in debt.

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