Odebrecht distributes millionaire bonuses to employees; in parallel, the group's ethanol plants have filed for bankruptcy

Odebrecht distributed BRL 40 million in bonuses to employees in 2020. In parallel, the Group warns Atvos advisors about Lone Star

40 million reais were distributed amid the pandemic by Odebrecht, currently Novonor, to its employees as a bonus. 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, whose debt was estimated at the time at 100 billion reais. The data appears in a report by Álvares & Marsal, the official administrator of Odebrecht.”

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Odebrecht's new attack against Lone Star at Atvos.

The last meeting of the Atvos board of directors was quite eventful. There were discussions about the potential conflict of interest between Odebrecht and Gustavo Aurvalle Alvares in matters that were on the agenda.

Atvos is a sugar-energy company created by Odebrecht, which had its control passed to the Lone Star fund in January, and has Alvares as the company's new president, and current representative of the American fund in Brazil.

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Lone Star successfully took control of Atvos in January

Fund manager Lone Star managed, in court, to take control of Atvos, in a gigantic fight with Odebrecht over the judicial recovery plan that restructured debts of around R$ 15 billion.

Upon taking over the company, Lone Star changed all management and even the recovery lawyer. What Odebrecht alleges is that the conflict exists because Lone Star is litigating against Atvos itself by having filed for the bankruptcy of two of the company's plants.

For the American fund, Odebrecht is creating an issue, since Lone Star, in addition to being a shareholder, is also a creditor of almost BRL 2 billion in Atvos and, therefore, has no interest in the company not recovering.

The fund's declared objective is to change the judicial recovery plan, claiming that it favored the banks. Under the plan currently in force, banks can subscribe to company shares at any time. If that happens, Lone Star loses control of the company.

Odebrecht articulates the sale of the petrochemical company Braskem to Mubadala, the sovereign wealth fund of the United Arab Emirates

The petrochemical company Braskem, another Odebrech Group company, is in the crosshairs of acquisition by the sovereign wealth fund of the United Arab Emirates, Mubadala. The negotiations are about the purchase of 50,1% of the company that is part of the Odebrecht/Novonor judicial recovery program.

Petrobras, which owns the rest of Braskem, does not appear to be opposed to the deal. The state-owned company already has an ongoing process with the Arab fund, the sale of the Landulpho Alves Refinery (RLAM).

According to Broadcast Estadão, it is still expected that other interested parties will enter the scene, such as the Dutch LyondellBasell, which may resume negotiations for the stake in Braskem. 

Novonor said it was possible "that different buyers will have more interest in some assets than others, but that the aim is to sell Novonor's stake in the consolidated company." Today, Braskem is worth approximately US$7 billion on the stock market.

With 26 active contracts in Brazil and abroad, Odebrecht hopes to get back on its feet and earn US$1,1 billion in 2021

Odebrecht plans to get back on its feet and close the year 2021 with 1,1 billion dollars in its account! Almost six years after the arrest of Marcelo Odebrecht, who ruined the construction company, the group is trying to strengthen the company, with new works and a possible partner to help finance the recovery.

Construtira Odebrecht currently has 26 active contracts, of which 15 are in Brazil and 11 abroad, in countries such as Panama, Peru, Argentina, Guyana, Angola, Ghana and the United States.

In addition, the company earned, in the last 12 months, six works. The contractor's president, Marco Siqueira, is optimistic and expects to double revenues this year, to US$ 1,1 billion, around R$ 6 billion.