Things are not getting any easier for MBN. We need to brace ourselves for more turbulence ahead.
Brazilian companies are very "creative" when it comes to NOT paying its bills and/or abiding by contracts. Luckily, this can be chased up in the New York Courts, with a much better chance to recover our losses. Brazil is very complex, when it comes to doing business in there, no wonder the 8th economy in the planet is going down the drain very quickly, hence many closures of large corporations recently (i.e. OGX). Bradesco should not be too worried about their 50 mil loan, since they currently have bigger fish (OGX) to fry. It's not in Bradesco's nature to push too much to get their money back, if anything they will give MBN more money as soon as the situation becomes more stable.
Above text is MY OPINION ONLY. DYOR before you act. I am a Brazilian citizen, resident in Australia. I do not hold shares in Bradesco.
MBN Price at posting:
1.6¢ Sentiment: None Disclosure: Held
