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Banco do Brasil Also Requested That The Courts Cancel Odebrecht’s Judicial Recovery Plan That Involves A New Offer To Creditors
In June, Odebrecht, the largest construction company in the country, filed for judicial recovery, which is considered the largest in the country’s history.
As a way to increase pressure on the company, Caixa requested, on Thursday (03/09), the bankruptcy of the Odebrecht conglomerate. The bank hopes that this action will grant the courts the power for creditors to appoint new administrators for the conglomerate and its subsidiaries.
This was not the only blow that the construction company received yesterday; along with Caixa’s request, Banco do Brasil also requested that the courts annul the judicial recovery plan submitted in June by the company and compel the Bahia conglomerate to present a new offer to its creditors.
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According to experts in judicial recovery processes, a request for bankruptcy during this type of process only moves forward if it is made by a new creditor, meaning one that is not involved in the original process.
Odebrecht’s debts amount to about R$ 100 billion and Caixa is trying to acquire shares of the petrochemical Braskem (a company of the group) to mitigate its current exposure, which is R$ 2.2 billion.
The Creditors
Among the list of creditors are other banks, such as Itaú, Bradesco, and Banco do Brasil. In a highly publicized case in the media, Caixa requested the enforcement of the debt that Odebrecht owes for the Itaquerão (Corinthians stadium).
Due to the judicial recovery request by Atvos, a sugar and ethanol company in the group, Caixa’s lawyers complained about the fact that Odebrecht had consolidated in a single process the judicial recovery of several different companies, which would be illegal, as there are a total of 21 companies in the process from the group.
Odebrecht argues that the consolidation of processes was necessary to preserve the company’s activities and its 40,000 employees and that it would not make further comments on the case.
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