Brazil's Log-In confirms Manabi proposal to buy majority stake

lunes 4 de enero de 2016 19:36 GYT

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)