May 7, 2020 |
Brazil's Odebrecht does not expect to win approval from creditors of its ethanol subsidiary Atvos for a restructuring plan and is considering delaying the vote, sources told LatinFinance.
Odebrecht's new outlook for Atvos comes after US private equity fund Lone Star Funds purchased a majority stake in Atvos.
Lone Star signed a $5 million agreement with Natixis to acquire its majority stake in Atvos, which led Odebrecht to file an arbitration claim in a bid to keep hold of the asset on Tuesday.
Lone Star's acquisition of a majority stake in Odebrecht's ethanol business is expected to derail a restructuring vote