Brazil's Odebrecht Proposes Up to 75% Cut to Ethanol Unit Debt

Brazilian construction conglomerate Odebrecht SA has proposed cutting the debt of its ethanol unit Atvos by between 35% to 75%, newspaper Valor Economico reported on Wednesday, Reuters reported. Citing court documents, Valor said Odebrecht proposed a 35% haircut on secured debt and 75% on the unsecured debt of its ethanol unit. Atvos debt subject to restructuring, excluding credits owed to other units of the Odebrecht conglomerate will have a global haircut of 46%, reducing its total financial debt from 10.5 billion reais ($2.65 billion) to 5.7 billion reais, the newspaper said. Read more