Odebrecht action on debt

摘要

BRAZILIAN conglomerate Odebrecht, which has been at the centre of the Car Wash corruption probe, this week filed for bankruptcy protection, writes Fabio Palmigiani. The company aims to restructure 51 billion reais ($13.2 billion) of debt and has asked a court in the city of Sao Paulo to bar the group's largest creditors from taking possession of or selling shares in its petrochemical unit Braskem. Braskem is considered crucial for Odebrecht's restructuring, as the subsidiary was responsible for nearly 80% of the conglomerate's revenues in 2018.