Banco Do Brasil's Unsecured Debt With Odebrecht at $1 Billion

The Chief Executive Officer of state-controlled Banco do Brasil SA, Rubem Novaes, said on Wednesday that the bank has around 4 billion reais ($1.03 billion) in unsecured debt with construction conglomerate Odebrecht SA, which filed for bankruptcy this week, Reuters reported. “We have set aside provisions for most of the loans,” Novaes said, adding that Banco do Brasil will suffer losses if creditors’ debts are discounted at more than 50% in the restructuring. Read more

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