January 17, 2019 |
Brazil's Odebrecht has offered creditors a stake in its ethanol division Atvos Agroindustrial as a way to write off debt, LatinFinance has heard.
"Odebrecht is looking to restructure several assets, and its ethanol business is likely to be part of that," a lawyer in São Paulo said, adding that the troubled company has also offered shares in the petrochemical company Braskem to keep its creditors at bay.
Odebrecht had been working on a deal to refinance BRL32bn ($8.57bn) in loans from BNDES, Banc
Brazilian conglomerate looks to make a debt-for-equity swap with its ethanol business to appease lenders