World News

Brazil’s Odebrecht postpones vote on debt restructuring to Jan. 29

SAO PAULO (Reuters) – Brazilian corruption-ensnared conglomerate Odebrecht SA [ODBES.UL] has postponed a creditors’ vote on its debt restructuring plan to Jan. 29, an Odebrecht representative said.

The conglomerate, which is trying to restructure 51 billion reais ($12.48 billion) in debt, drafted a new plan in early December and expects a final vote next year.

The final discussions over the debt coincided with an escalating war within the Odebrecht family over the last weeks. Former CEO Marcelo Odebrecht and his father, former chairman Emilio Odebrecht, have been accusing each other of responsibility in the failure of the conglomerate through interviews to local newspapers and lawyers.

Marcelo Odebrecht was sentenced to 19 years in jail for corruption and is now in house arrest.

(Reporting by Tatiana Bautzer, editing by Louise Heavens)


Leave a Reply

Your email address will not be published. Required fields are marked *