Odebrecht's Construction Unit and Bondholders Agree to 55% Discount

Odebrecht’s construction unit OEC has signed an agreement with bondholders to restructure its debt at a 55% discount, cutting it from $3.2 billion to $1.4 billion, the conglomerate said in a statement on Friday. The bonds, which matured and were unpaid earlier this year, will have new 4-1/2-year maturities, Reuters reported. The agreement concludes the out-of-court restructuring of Odebrecht’s construction unit. Brazilian newspaper Valor Economico first reported on the signing of the agreement. Read more

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