Brazil's Rio at mercy of Pimco, Dodge & Cox as oil cash dries up [Reuters (UK)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
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Source: Reuters
Brazil's Rio at mercy of Pimco, Dodge & Cox as oil cash dries up - Reuters 4 Min Read RIO DE JANEIRO (Reuters) - Already grappling with one of Brazil’s most severe outbreaks of the novel coronavirus and a budget deep in the red, Rio de Janeiro state faces a potential threat to its solvency at the hands of investment giants PIMCO and Dodge & Cox. The U.S. asset managers have the right to a 2.5 billion real ($470 million) accelerated loan repayment in mid-May from Brazil’s third-largest state, known for its dramatic coastal capital, officials told Reuters. The state, whose public hospitals are nearing capacity as they treat over 4,500 confirmed cases of the coronavirus, faces an estimated $3 billion in lost revenue this year, partly from a broad plunge in tax intake stemming from quarantine measures and in part due to lost revenue from oil, its key industry. Royalty payments from oil producers operating off Rio’s coast, including state-run behemoth Petroleo Brasileiro SA ( PETR4.SA ),
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