June 19, 2019 / 5:15 PM / a month ago

Banco do Brasil's unsecured debt with Odebrecht at $1 billion: CEO

FILE PHOTO: Banco do Brasil President Rubem Novaes speaks during a news conference regarding the bank's last year results in Sao Paulo, Brazil February 14, 2019. REUTERS/Amanda Perobelli/File Photo

BRASILIA (Reuters) - The Chief Executive Officer of state-controlled Banco do Brasil SA, Rubem Novaes, said on Wednesday that the bank has around 4 billion reais ($1.03 billion) in unsecured debt with construction conglomerate Odebrecht SA, which filed for bankruptcy this week.

“We have set aside provisions for most of the loans,” Novaes said, adding that Banco do Brasil will suffer losses if creditors’ debts are discounted at more than 50% in the restructuring.

With debts of 98.5 billion reais, Odebrecht’s bankruptcy protection case is one of the largest in Latin American history.

Reporting by Mateus Maia; Writing by Tatiana Bautzer; Editing by Alistair Bell

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