August 30, 2019 / 10:34 PM / 17 days ago

Odebrecht's construction unit and bondholders agree to 55% discount: statement

FILE PHOTO: The corporate logo of the Odebrecht SA construction conglomerate is pictured at its headquarters in Sao Paulo, Brazil, July 29, 2019. REUTERS/Amanda Perobelli

SAO PAULO (Reuters) - 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. 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.

The Odebrecht conglomerate was one of the main targets in Brazil’s widest-ever corruption probe and filed for bankruptcy protection in June.

Reporting by Tatiana Bautzer; Editing by Tom Brown

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