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Odebrecht Distributed R$ 40 Million in Bonuses to Employees in 2020. Meanwhile, the Group Alerts Atvos Counselors About Lone Star
R$ 40 million were distributed amidst the pandemic by Odebrecht, now Novonor, to its employees as bonuses. Of these, 8.9 benefited the company’s directors. “The payments were made in August 2020, a month after the court approved the company’s judicial recovery plan, which at the time was estimated to have a debt of R$ 100 billion. This information is included in a report by Álvares & Marsal, the official administrator of Odebrecht.”
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The New Attack by Odebrecht Against Lone Star at Atvos.
The last meeting of the Atvos board was quite heated. There were discussions about the potential conflict of interest between Odebrecht and Gustavo Aurvalle Alvares on topics that were on the agenda.
Atvos is a sugar-energy company created by Odebrecht, which transferred its control to the Lone Star fund in January, with Alvares as the new president of the company and current representative of the American fund in Brazil.
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While Russia dominates the global wheat market, Brazil emerges as an unexpected competitor in the Cerrado, offering grain available in July and August when stocks in the Northern Hemisphere are at their lowest point of the year.
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China returned almost 20 Brazilian ships with soybeans, but now everything could change: the country that buys 80% of the grain is considering relaxing regulations after impurities held up shipments of thousands of tons and caused million-dollar losses.
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Chinese giant worth nearly R$ 4 billion that manufactures cables for electric cars, solar energy, and robotics wants to open a factory in SC.
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Many employers do not know, but the law guarantees domestic workers a 25% increase in salary during trips, 50% for overtime, 20% for night shifts, and 17 additional benefits that can lead to labor lawsuits if not paid.
Lone Star Successfully Took Control of Atvos in January Through the Courts
The Lone Star fund manager successfully took control of Atvos in court, amid a huge dispute with Odebrecht regarding the judicial recovery plan that restructured debts of around R$ 15 billion.
Upon taking over the company, Lone Star replaced the entire management, including the recovery lawyer. Odebrecht argues that the conflict exists because Lone Star is litigating against Atvos itself by filing for bankruptcy for two of the company’s plants.
For the American fund, Odebrecht is making a fuss, as Lone Star, in addition to being a shareholder, is also a creditor of Atvos for almost R$ 2 billion and therefore has no interest in the company failing to recover.
The fund’s stated goal is to alter the judicial recovery plan, claiming it favored the banks. Under the current plan, banks can at any moment subscribe to shares of the company. If this happens, Lone Star loses control of the company.
Odebrecht Negotiates Sale of Petrochemical Braskem to Mubadala, the Sovereign Fund of the United Arab Emirates
The petrochemical Braskem, another company of the Odebrecht Group, is being eyed for acquisition by the sovereign fund of the United Arab Emirates, Mubadala. The negotiations concern the purchase of 50.1% of the company, which is part of Odebrecht/Novonor’s judicial recovery program.
Petrobras, which owns the remainder of Braskem, seems not to oppose the deal. The state-owned company already has an ongoing process with the Arab fund regarding the sale of the Landulpho Alves Refinery (RLAM).
According to Broadcast Estadão, it is still expected that other interested parties will step in, such as the Dutch company LyondellBasell, which may resume negotiations for a stake in Braskem.
Novonor stated that it is possible “that different buyers may have more interest in certain assets than others, but the goal is to sell Novonor’s stake in the consolidated company.” Today, Braskem is valued at approximately US$ 7 billion on the stock market.
With 26 Active Contracts in Brazil and Abroad, Odebrecht Expects to Recover and Generate US$ 1.1 Billion in Revenue in 2021
Odebrecht plans to recover and close the year 2021 with US$ 1.1 billion in its accounts! Almost six years after Marcelo Odebrecht’s imprisonment, which ruined the construction company, the group is trying to strengthen the business, with new works and a potential partner to help finance the recovery.
Currently, the Odebrecht construction company has 26 active contracts, of which 15 are in Brazil, and 11 abroad, in countries like Panama, Peru, Argentina, Guyana, Angola, Ghana, and the United States.
In addition, the company has generated revenue from six projects over the last 12 months. The president of the construction company, Marco Siqueira, is optimistic and expects to double revenue this year to US$ 1.1 billion, about R$ 6 billion.
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