June 11, 2019 / 3:26 PM / 6 days ago

Banco Bradesco CEO says banks are negotiating out of court debt restructuring for Odebrecht

SAO PAULO, June 11 (Reuters) - The Chief Executive Officer of Banco Bradesco SA told journalists on Tuesday Brazilian banks are negotiating a potential out-of-court debt restructuring for the Brazilian conglomerate Odebrecht SA.

After the failure to sell its controlling stake in petrochemical company Braskem SA to LyondellBasell Industries NV, Odebrecht is struggling to restructure 80 billion reais ($20.70 billion) in debt. ($1 = 3.8645 reais) (Reporting by Aluisio Alves; Writing by Carolina Mandl Editing by Chizu Nomiyama)

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