The construction conglomerate holds $25.3 billion in debt, according to market estimates, with state-controlled banks being its largest creditors
BRASÍLIA—Brazil’s state-controlled banks are bracing for potentially heavy losses after Odebrecht SA, the construction conglomerate at the center of a regionwide corruption scandal, filed for the largest-ever bankruptcy in Latin America.
Brazil’s development bank, BNDES, holds nearly a 10th of Odebrecht’s total $25.3 billion of debt, followed by two other state lenders, Banco do Brasil SA and Caixa Econômica Federal, the construction group said on Tuesday.
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