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Emerging MarketsEM LatAm

Gol sees low exchange take-up as bondholders bet on recovery

GOL

Just 22% of Brazilian airline Gol’s bondholders agreed to a distressed debt exchange after several weeks of discussions, with one credit analyst saying that a rally in the real — and thus an upturn in the issuer’s prospects — meant many investors opted not to accept a haircut on their paper.

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