Odebrecht – On the 22nd of this month, the group approved the restructuring of 53 billion reais in debt as part of its judicial recovery plan, thus making Braskem the company's main source of income. Boeing breaks US$4,2 billion contract with Embraer and union calls for company renationalization.
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In the midst of the sector's crisis, Braskem will need to have profit to distribute in a significant volume to be the group's biggest source of liquidity.
Odebrecht is Braskem's parent company with a 38% stake in the share capital. Petrobras is the controlling partner, with 36% of the business.
Odebrecht totals 34 billion in debt in 2016 – in the first major debt reorganization in the post-Operação Lava-Jato routine, Odebrecht assigned Braskem as a guarantee to five creditor banks, in which (Itaú, Bradesco, Santander, Banco do Brasil and BNDES) have the right to the dividends paid by the petrochemical company.
The agreement reached between the company and the banks was granted nine months after the group asked the court for protection against creditors, which took place on June 17, 2019.
After the judicial reorganization plan has been approved, the group will be able to receive up to 1 billion reais of what is deposited in dividends, in maximum installments of 250 million reais per year, until 2022 – referring to the performance of the business between 2018 and 2021.
In addition to daily support for the Odebrecht group over the coming years, Braskem is the pillar of the debt reorganization of the plan designed by the group and its advisors E.Munhoz Advogados and RK Partners.
The company's shares guarantee debts of 13,6 billion reais of the conglomerate. To honor its debts, the company will have three years to sell Braskem.
Odebrecht will not only sell Braskem but also its other main companies such as the ethanol producer Atvos, the operator of rigs Ocyan and the stake in Santo Antônio Energia (Saesa), the hydroelectric plant of the same name.
During this period, banks do not foreclose on guarantees, even with overdue debts.
The Odebrecht case is the largest lawsuit of its kind ever carried out in Brazil. It is also the case with greater exposure of the national financial system.
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