Business

The end of the Odebrecht era

Aquapolo - Odebrecht Ambiental - São Paulo - SP

On Monday, June 17, 2019, the 48,000 employees working at the Odebrecht group received a memo in their inboxes. It said the parent company was filing for court-supervised reorganization, one step before bankruptcy. The document also explained the size of the group’s debts, roughly BRL 98 billion—which makes this the biggest administration case in Brazilian history. The text, signed by CEO Luciano Guidolin, tries to keep spirits high, saying the companies will continue to “perform their duties normally.”

But nothing is normal about Odebrecht anymore.

One of Brazil’s most emblematic companies, Odebrecht S.A. was...

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