LatinNews Regional Monitor: Brazil & Southern Cone - 06 November 2019

* A judge in Brazil’s São Paulo state has denied a petition sent by the local state-owned bank Caixa Econônomica Federal (Caixa) to declare Odebrecht, the Brazilian engineering firm, bankrupt. Caixa requested that Odebrecht be declared bankrupt in a bid to recover R$5bn (US$1.25bn) in debts owed to it by Odebrecht, which filed for bankruptcy protection earlier this year as a result of the substantial losses it has suffered and hefty legal expenses it has had to pay after admitting its role in region-wide corruption scandal. Caixa argued that the plans presented by Odebrecht to try to restructure its debt were inadequate and inconsistent. However, Judge João de Oliveira Rodrigues Filho denied Caixa’s petition after calling its allegations “too generic” and “without any concrete facts”.

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