Pimco News

Creditors of Brazilian tycoon Eike Batista's Oleo e Gas Participacoes SA approved a restructuring plan for the oil company that could lead to a quick resolution of the largest bankruptcy in Latin America's history, lawyers said on Tuesday. The plan was approved by creditors holding 90 percent of the Rio de Janeiro-based company's nearly 12 billion reais ($5 billion) of unpaid obligations. If a judge approves, creditors will swap debts for about 90 percent of Oleo e Gas stock, said Ricardo Knoepfelmacher of Angra Partners, the consultancy that handled talks with creditors. The judge's approval is expected within days, he said. Creditors include Newport Beach…

Mercy Ships, the charitable hospital ship foundation, is delighted to announce the leadership gift of $20 million from Laguna Beach philanthropists, Sue and Bill Gross. The funds are designated toward a new hospital ship, currently in the design phase, to join the current hospital ship, the Africa Mercy , in delivering hope and healing to the underserved poor. In honor of this generous donation, the hospital onboard the new ship will be named the Sue and Bill Gross Healing Hospital.