August 7, 2019 / 11:50 AM / 4 months ago

Brazil's Odebrecht proposes up to 75% cut to ethanol unit debt: report

FILE PHOTO: The corporate logo of the Odebrecht SA construction conglomerate is pictured at its headquarters in Sao Paulo, Brazil, July 29, 2019. REUTERS/Amanda Perobelli

SAO PAULO/RIO DE JANEIRO (Reuters) - Brazilian construction conglomerate Odebrecht SA has proposed cutting the debt of its ethanol unit Atvos by between 35% to 75%, newspaper Valor Economico reported on Wednesday.

Citing court documents, Valor said Odebrecht proposed a 35% haircut on secured debt and 75% on the unsecured debt of its ethanol unit.

Atvos debt subject to restructuring, excluding credits owed to other units of the Odebrecht conglomerate will have a global haircut of 46%, reducing its total financial debt from 10.5 billion reais ($2.65 billion) to 5.7 billion reais, the newspaper said.

Odebrecht did not immediately respond to a request for comment.

Reporting by Tatiana Bautzer and Gram Slattery; Editing by Bernadette Baum

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