03:00 PM EDT, 03/22/2024 (MT Newswires) -- Bank of America ( BAC ) is among companies buying bonds from struggling Brazilian fertilizer maker Unigel Participacoes, Bloomberg reported Friday, citing people familiar with the situation.

BofA and Jive Investments are acquiring Unigel's notes in the secondary market post its out-of-court restructuring proposal last month, people told Bloomberg, without providing details on the exact timing and size of the trades.

Brazilian asset managers ARX Investimentos and Icatu Vanguarda have cut or dropped their positions in Unigel, Bloomberg said.

The trades occur amid a legal challenge by a group of local note holders, representing nearly 11% of Unigel's total debt, against the current restructuring plan, according to the report.

ARX declined to comment, while BofA, Icatu and Jive did not respond to Bloomberg.

None of the companies immediately responded to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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