Brazil Daily

Odebrecht: the mother of all bankruptcies

Odebrecht: the mother of all bankruptcies

The Bahia-based Odebrecht Group has filed for court-supervised reorganization—the last step before bankruptcy. With debts of BRL 98.5bn, the company—which was a symbol of the Brazilian economic bonanza of the 2000s—is now at the center of the biggest administration process in the country’s history. The request caps off its fall from grace, which started in 2015 with the launch of Operation Car Wash.

For the time being, the reorganization process will not include Braskem—Odebrecht’s petrochemical branch and biggest asset. Of the total debt amount, BRL 33bn can’t be renegotiated, as...

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