Rio Olympics Can't Pay Debts, Offers Used Air-Con Units Instead
- Summer Games organizers still owe millions to suppliers
- Athlete mattresses donated to prison housing jailed politician
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The final contest of the 2016 Rio Olympics looks a lot like "Let’s Make a Deal." With 100 million reais ($32 million) in outstanding debts, the organizing committee is trying to pay off suppliers with stuff -- air conditioners, portable energy units, electrical cables -- in lieu of or in addition to cash.
The cash crunch is a legacy of the financial crisis that hit Brazil just as preparations for the Olympics were getting underway. Rio 2016 is now asking creditors to agree to settle debts for 30 percent less than they’re owed, said Mario Andrada, Rio 2016’s head of communications.