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)