One of Brazil's biggest private creditors is jeopardizing a debt-for-bond swap the government there is arranging with foreign banks and other holders of Brazilian debt.

The Dart family, owners of Dart Container Corp. and one of Brazil's biggest private creditors, said the government had rejected the family's offer to swap the debt it holds for so called C bonds, or uncollateralized Brazilian government bonds. The swap would save Brazil some $200 million of collateral.

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