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Exclusive: Brazil's Odebrecht offers debt-for-equity swap for Atvos unit

January 15, 2019 7:48 PM
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SAO PAULO (Reuters) - Corruption-ensnared Odebrecht SA [ODBES.UL] has proposed that creditors take over its sugar and ethanol unit, Atvos Agroindustrial Participacoes SA, in exchange for reducing Odebrecht’s huge debt load, according to two sources with knowledge of the matter.

The move is the latest sign of the radical way in which Brazilian conglomerate Odebrecht, best known for its engineering and construction operations, is remaking itself to renegotiate 70 billion reais in consolidated debt.

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