SAO PAULO (Reuters) - Brazilian conglomerate Odebrecht SA filed on Monday for bankruptcy protection, aiming to restructure 51 billion reais ($13 billion) of debt in what would be one of Latin America's largest-ever in-court debt restructurings. The bankruptcy filing comes after years of struggles for Odebrecht, the biggest of the Brazilian engineering groups caught in a sweeping political corruption investigation that has rippled across Latin America. In the filing, the company asks the judge to bar the group's seven largest creditors - six banks and an investment fund - from taking possession or selling shares in the group's crown jewel, its controlling stake in petrochemical company Braskem SA
The post Brazil’s Odebrecht files for bankruptcy protection after years of graft probes appeared first on Firstpost.
from Firstpost http://www.firstpost.com/business/brazils-odebrecht-files-for-bankruptcy-protection-after-years-of-graft-probes-6834761.html
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