The Undoing of a Brazil Giant, Told by Bankers Fearing the Worst

  • Odebrecht, once the ‘best kind’ of borrower, is now cut off
  • Credit squeeze intensifies amid $32.4 billion gross debt

When Odebrecht SA sought to raise cash at the turn of the decade for an oil and gas venture, a top financier predicted the project would be pitched by “every single banker worth his mettle.” These days, when the Brazilian conglomerate seeks new funding, the answer is almost always the same: No.

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