Brazil's Log-In confirms Manabi proposal to buy majority stake
BRASILIA Jan 4 (Reuters) - Brazilian cargo ship and port operator Log-In Logística Intermodal SA said on Monday it had received a proposal from Manabi Holding SA to buy a majority stake in the company.
The announcement confirmed a Reuters report last week about the proposal from the Brazilian mining and logistics company.
Log-In said Manabi had made a non-biding proposal to buy its shares in a capital increase to have at least a 51-percent stake in the company.
Log-In said the proposal was part of several others being analyzed by the company's management.
Companies in Brazil - struggling with the country's deepest recession in a quarter of a century, a surge in borrowing costs and a currency slump - are ramping up demand for advisory services on debt restructuring.
A newfound caution of private-sector lenders has made it harder for companies such as Log-In to refinance existing loans or get new ones. (Reporting by Alonso Soto; Editing by Sandra Maler)
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