Bermuda-based BR Properties SA has confirmed an immediate bid for as much as 63% of Brazilian real estate company, GP Investments; BTG Pactual is a leading shareholder of BR Properties. BR Properties SA wants a quick sale to insure it can receive approval from a web of BR Properties' creditors to renounce rights to accelerated debt payments in case of a sale within the 45-day limit required under securities regulations in Brazil. BTG Pactual is selling off non-core assets in an attempt to shore up its liquidity following the arrest of its former Chairman and principal shareholder, Andre Esteves.
Bermuda-based GP Investments has confirmed an immediate bid for as much as 63% of Brazilian real estate company, BR Properties SA; BTG Pactual is a leading shareholder of BR Properties. GP Investments wants a quick sale to insure it can receive approval from a web of BR Properties' creditors to renounce rights to accelerated debt payments in case of a sale within the 45-day limit required under securities regulations in Brazil. BTG Pactual is selling off non-core assets in an attempt to shore up its liquidity following the arrest of its former Chairman and principal shareholder, Andre Esteves.