Globo Completes Restructuring

Globo Comunicacoes e Participacoes, the unit of Brazilian conglomerate Globo that owns the group’s film and TV studios and its investments in cable television, has persuaded owners of 81 percent of $980 million of bonds to accept new bonds and cash for defaulted debt. Investors holding the remaining debt agreed to a similar swap in March. The accord, under negotiation since 2002, lets Globo avoid selling television stations put up as collateral.