Brazil's Odebrecht to Propose Delay In Bankruptcy Plan Vote

Brazilian conglomerate Odebrecht SA’s advisors plan to propose a delay in the bankruptcy plan vote by creditors, two people with knowledge of the matter said, Reuters reported. Odebrecht is likely to schedule a creditors assembly on Nov. 18 to comply with Brazilian bankruptcy protection rules, but so far there is not a concrete proposal to vote on, the sources added, asking for anonymity to disclose private discussions. Creditors presented objections to Odebrecht’s plan this month. Most of the banks said the plan was too vague, with no explicit discount or time frame for recovery of the amount owed by the conglomerate. One creditor, state lender Caixa Economica Federal, requested liquidation. Advisors plan to install the assembly next month and request creditors to vote for its postponement. Read more

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