Odebrecht Holding Files for Bankruptcy Protection in Brazil
- Group seeks to restructure about $25 billion in court
- Braskem, building unit are excluded from court restructuring
Photographer: Dado Galdieri/Bloomberg
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Odebrecht SA, the holding company of the Brazilian conglomerate that stretches from construction to oil and gas, has filed for bankruptcy protection in a Sao Paulo court.
The company asked the court for protection while it seeks to restructure more than 51 billion reais ($13.1 billion) of debt, according to a statement. Units Braskem SA, Odebrecht Engenharia e Construção SA, Ocyan SA, OR SA, Odebrecht Transport SA, Enseada Indústria Naval SA are not part of the restructuring, the statement said.