Brazilian telenovelas – the South American equivalent of soap opera – are not noted for their strong take on reality. Fantasy is more their stock in trade.
Bondholders of pay TV operator TV Filme could therefore be forgiven for thinking they had stepped into a telenovela script when they received a letter offering to buy their bonds back at 15% of their face value.
Things are not going well in the Brazilian pay TV business with high upfront costs, lots of competition and now, following the free float of the real, an economic recession looming.
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