Brazilian conglomerate Odebrecht SA filed on Monday for bankruptcy protection, a...
SAO PAULO - Brazilian conglomerate Odebrecht SA filed on Monday for bankruptcy protection, aiming to restructure 51 billion reais of debt in what would be one of Latin America’s largest-ever in-court debt restructurings.
In the filing, the company asks the judge to bar the group’s seven largest creditors - six banks and an investment fund - from taking possession or selling shares in the group’s crown jewel, its controlling stake in petrochemical company Braskem SA. The debt restructuring relates to the parent company Odebrecht SA and a network of holding companies.
Former chief executive Marcelo Odebrecht, grandson of the founder, was arrested in 2015 and later sentenced to 19 years in jail for corruption. He has been under house arrest since 2017, barred from having any say in the company’s running. Still, some of the group’s businesses have been forced to restructure debts as their revenues dwindled.
Odebrecht had been negotiating a sale of Braskem to LyondellBasell Industries NV for a year and a half, but talks ended with no deal earlier this month.
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