Take a glance at the stock market, and all appears well in the Brazilian economy. The Ibovespa has soared more than any other major index in the Americas over the past year ¡ª almost 60% in dollar terms at last count.
But inside C-suites and corner shops and cafes all across the country, the picture is far bleaker. With borrowing costs hovering near a two-decade peak and credit growing increasingly scarce, a historically high number of companies are fighting to keep their doors open.
The latest high-profile example of a company dealing with mounting financial stress came just last week, when hospital operator Kora Saude Participacoes filed for an out-of-court debt restructuring. It¡¯s the same fate that a pair of corporate heavyweights ¡ª biofuels producer Raizen and supermarket chain Companhia Brasileira de Distribuicao ¡ª had suffered weeks earlier.
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