Bank of America Corp. is among firms scooping up local bonds from struggling Brazilian fertilizer maker Unigel Participacoes SA, according to people familiar to the matter.
The Wall Street bank and Jive Investments, Brazil’s largest distressed-asset manager, have been buying up the notes in the secondary market after Unigel presented its plan for an out-of-court restructuring last month, the people said, asking not to be named because the information isn’t public. They gave no details on the exact timing of the trades, or their size.