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Emerging MarketsEM LatAm

Brazil’s Tonon to shift pain from secured to unsecured bondholders

Tonon Bioenergia avoided default at the last possible moment by making a $12m interest payment on its senior secured bonds on the very last day of its grace period. However, holders of the company’s senior unsecured notes will likely take a hit as the company has proposed to swap the bonds for notes paying lower interest.

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