Odebrecht sticks with restructuring offer

Odebrecht sticks with restructuring offer

Corporate & Sovereign Strategy Debt Bonds Capital Markets Equity M&A Project & Infrastructure Finance Brazil

Brazil's Odebrecht is standing by its initial offer for bondholders to take an 80% haircut on $3bn in bonds, but it is in no hurry to reach a settlement, LatinFinance has heard. "There is no legal deadline in these negotiations," said a source close to Odebrecht's lawyers. Odebrecht's creditors, represented by Davis Polk and Pinheiro Neto, have asked the company to invest $375m in its construction business, Odebrecht Engenharia e Construção, and put up its stake in the petrochemical company Bras

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