'We're likely to see more and more deals being anchored by controlling or relevant holders,' said Roberto Zarour, a partner and restructuring lawyer at Lefosse Advogados. The capital injections, he added, are not always a voluntary decision from founders but a demand from creditors. Interest rates sitting at a six-year high, the credit stress that followed the collapse of retailer Americanas SA and monetary tightening in the US and Europe have made it harder to borrow at home and abroad. As a result, the pile of dollar corporate notes from the nation trading at distressed levels surged to $12 billion, up 26% from the start to the year, data compiled by Bloomberg show. In the past few months, at least half a dozen key shareholders have stepped in. Guilherme Paulus, who founded travel agency chain CVC Brasil Operadora e Agencia de Viagens SA five decades ago but had unloaded his stake in the past few years, subscribed part of the company's public equity offering that priced last...
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