Odebrecht to Change Command While Facing Troubles

Brazilian construction and engineering group Odebrecht is changing its leadership amid ongoing debt restructuring and difficulties to obtain new contracts, BNamericas reported. Chairman and ally of founder Emilio Odebrecht, Ruy Sampaio, will replace current CEO Luciano Nitrini Guidolin as the expected conclusion of the conglomerates' debt restructuring will also end a cycle in the company, an Odebrecht spokesperson told BNamericas. Guidolin's tenure is marked by his failure to advance debt talks with banks and other creditors as expected, and his inability to make the company competitive in contract bidding. "The situation of Odebrecht is worrisome as the company is not getting new contracts at a pace fast enough to meet its debt obligations…”, the director of Brazilian infrastructure center CBIE,  Adriano Pires, told BNamericas. Read more