06/27/2024 – 16:38
Odebrecht Engenharia e Construção (OEC) is filing a request for judicial recovery today — trying to restructure a heavy debt of US$ 4.6 billion.
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As part of the process, OEC raised US$120 million (R$650 million at today’s exchange rate) through a DIP, which will be used to pay off part of its debt and strengthen its cash flow. This type of loan guarantees priority in receiving the proceeds in the RJ process.
The company did not disclose who the investor behind the DIP is, but market speculation is that it is BTG Pactual.
OEC has 60 days to present its judicial recovery plan, which will then have to be voted on at a meeting by creditors.
Last year, OEC had revenues of around US$800 million, but a loss of over R$700 million. Today, OEC has 31 projects underway, 21 in Brazil and 10 abroad.
Read more at Brazil Journal.
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