March 11, 2019 |
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
Bondholders have demanded Braskem shares as collateral, but the embattled Brazilian builder may need to sell those shares to survive, sources say