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BTG Avoids Fire Sale as $1.5 Billion Credit Line Buys Time | Tony Seruga
Dec
14

BTG Avoids Fire Sale as $1.5 Billion Credit Line Buys Time

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  • Struggling Brazilian firm said to reject offer for Banco Pan
  • Goldman Sachs says liquidity crisis may return in 2016

The arrest of Brazilian billionaire Andre Esteves tossed his investment bank, Grupo BTG Pactual SA, into a life-or-death struggle to sell assets and raise cash. A fire sale it’s not.

While there’s still no shortage of concern about the bank’s viability, speculation that its demise is imminent has largely faded, and its shares rallied a record 14 percent on Friday. Key to that success was a 6 billion-real ($1.5 billion) line of credit from the nation’s privately backed deposit-guarantee fund. The loan gave BTG enough confidence about liquidity that it passed up a chance to sell a 40 percent stake in Banco Pan SA at its market value to Banco BMG SA, a person with direct knowledge of the matter said. The offer, which was 580 million reais based on Friday’s share price, is now off the table…

BTG Avoids Fire Sale as $1.5 Billion Credit Line Buys Time

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