At least two Brazilian airlines and planemaker Embraer SA have hired investment banks to help with talks with state development bank BNDES for government support, sources with knowledge of the matter said.
) as adviser on talks with BNDES, two of the sources added, mainly focused on discussing on the convertible debt equation.BNDES is expected to finish negotiations with airlines and Embraer this month for a rescue package that may reach $2.5 billion.
Most of it is likely to be provided by BNDES, as private lenders have been resisting extending loans to airlines, an industry in which their current exposure is small, two sources said. BNDES was initially considering extending loans to airlines equivalent to half of the amount they require, which is around $2 billion, with the remaining part provided by Brazil’s largest lenders, such as Banco Bradesco SA (
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