Brazilian cargo ship and port operator Log-In Logistica Intermodal has hired global investment bank Moelis to help with refinancing $475m in bank loans, according to Reuters.
Log-In owns a fleet of container ships and operates terminals in the states of Espirito Santo, Sao Paulo, Minas Gerais and Bahia. It also provides rail services.
Its creditor banks are Itaú Unibanco Holding, Banco do Brasil, HSBC Holdings and Banco Santander Brasil.
The board of Log-In, based in Rio de Janeiro, this week approved the renegotiation of payment terms with creditors, according to two anonymous sources in the Reuters report.
This loan-renegotiating manoeuvre comes while investment bank BR Partners Banco de Investimento is acting on Log-In’s behalf trying to raise $125.7m in new investment.
Log-In, Moelis, BR Partners and the banks had no comment on the matter, Reuters reported.