The conglomerate Odebrecht SA, requested the judicial recovery of the companies in the Region of the Capital of the State of Sao Paulo in Brazil, with the objective of restructuring liabilities for 51,000 million reais (US $ 13,000 million), this would be one of the major restructuring of debt in court in Latin America.
The Company Indicated
“Faced with the expiration of different debts, the occurrence of unpredictable events and the recent attacks on the assets of the Companies, the ODB administration, with the authorization of the controlling shareholder, concluded that the registration of the judicial recovery became the most adequate to enable the successful conclusion of the financial restructuring process.”
The request for judicial recovery comes after years of complications for Odebrecht, the engineering group caught by the extensive corruption investigation of the Lava Jato case that spread throughout Latin America.
The main creditors of the conglomerate are the state lenders Banco do Brasil, Caixa Econômica Federal and BNDES, as well as the private banks Banco Bradesco SA, Itaú Unibanco Holding SA and Banco Santander Brasil SA.