Brazil’s Odebrecht hopes to renegotiate $9.83 billion in debt

A sign of the Odebrecht SA construction conglomerate is pictured in Rio de Janeiro, Brazil, February 26, 2016. REUTERS/RICARDO MORAES

Odebrecht SA, Latin America’s largest engineering company, hopes to renegotiate as much as 35 billion reais ($9.83 billion) in debt with Brazilian banks in order to get through a financial crisis sparked by its involvement in the country’s biggest-ever graft probe, according to the Folha de S. Paulo newspaper.

The company, whose chief executive and grandson of its founder received a 19-year sentence from the court handling the probe last month, seeks an “ambitious” agreement with the banks to restructure its debts and free up liquidity, the paper said Saturday, without citing sources for its information.

Read the full article on Reuters.

 

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