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Considered the Largest Bankruptcy Filing in Brazil, Odebrecht’s Request Approved, Valued at Over R$ 83 Billion in Debts by São Paulo Justice
Yesterday (07/27), the largest bankruptcy request in Brazil, that of Odebrecht and 11 companies belonging to the group, was approved by the São Paulo Justice, valued at over R$ 83 billion in debts. Odebrecht will have to sell its main companies, the petrochemical Braskem, the ethanol producer Atvos, the drilling operator Ocyan, and its stake in Saesa, the hydroelectric plant of the same name.
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The bankruptcy request from Odebrecht was already approved in April of this year by the assembly of shareholders and creditors and was awaiting ratification to begin the restructuring process.
To honor its debts, the company will have to sell its main companies, which are: the petrochemical Braskem, the ethanol producer Atvos, the drilling operator Ocyan, and its stake in Santo Antônio Energia (Saesa), the hydroelectric plant of the same name.
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If the bankruptcy value is confirmed, this would be the largest process in Brazil, surpassing that of Oi in 2016, estimated at R$ 64 million.
As the next step, Odebrecht will proceed with a process to attempt to recover financially, with an extended timeline for paying creditors and tax debts. The Justice will monitor the progress of the bankruptcy for 2 years.
The bankruptcy request was submitted to the Bankruptcy Court of the São Paulo Court of Justice in June of last year. At that time, only public banks had more than R$ 22 billion to receive from the company.
Judge João de Oliveira Rodrigues Filho, from the 1st Bankruptcy and Judicial Reorganizations Court of the Central Civil Forum of São Paulo, who will appoint a judicial administrator to oversee the process, was responsible for analyzing the restructuring of the Odebrecht group.
Lava Jato – Odebrecht and the Corruption Scandal
In addition to debts with creditors, Odebrecht and its subsidiaries accumulate liabilities with the Justice and public administration in cases of administrative impropriety and corruption.
The company is being investigated by Operation Lava Jato, from the Federal Police and the Federal Public Ministry, for bribing politicians from various parties and for financing illegal campaign funds.
Several company executives have signed plea bargain agreements, providing information that has led to the development of other Federal Police operations.
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