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LatinNews Daily - 28 July 2020
In brief: Restructuring of Brazil’s Odebrecht approved
*A Brazilian court has approved the company restructuring plan presented by the bankrupt firm Odebrecht. The engineering giant filed for bankruptcy in 2019 after it suffered substantial financial losses following its implication in the ‘Lava Jato’ major corruption investigations in Brazil, which found that Odebrecht had paid bribes to government officials and illegally financed electoral campaigns in Brazil and across Latin America. With Odebrecht’s debts estimated at over R$83bn (US$16.2bn), the restructuring plan is the largest in Brazil’s history. The São Paulo state bankruptcy and judicial reorganisation court approved the restructuring plan presented by Odebrecht which affects 11 of its subsidiaries after it was accepted by the firm’s shareholders and creditors. Judge João de Oliveira Rodrigues Filho has given Odebrecht two years to conclude its restructuring plan.
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