ODEBRECHT OFFERS DEBT-FOREQUITY SWAP FOR ATVOS UNIT

摘要

Corruption-ensnared industrial conglomerate Odebrecht SA has proposed that creditors take over its sugar and ethanol unit, Atvos Agroindustrial Participacoes SA, in exchange for reducing Odebrecht's huge debt load, Reuters cited two sources with knowledge of the matter as saying. The move is the latest sign of the radical way in which Odebrecht is remaking itself to renegotiate BRL70 bln (USD1=BRL3.71) in consolidated debt. Accused of bribing politicians and executives to get contracts throughout Latin America, Odebrecht made a deal two years ago with US, Brazilian and Swiss authorities, paying a record USD3.5 bln in fines to settle charges. Atvos has about BRL12 bln (USD3.25 bln) in debt with various lenders, including state-controlled Banco do Brasil, Caixa Economica Federal and development bank BNDES, as well as private Banco Bradesco SA, Itau Unibanco Holding and Banco Santander Brasil. Another creditor is US investment management firm Lone Star Funds, one of the sources added.