Equities

Reuters first to report Brazilian banks turn up heat on scandal-hit Odebrecht

Reuters first to report Brazilian banks turn up heat on scandal-hit Odebrecht

Reuters exclusively revealed that Brazil’s scandal-hit conglomerate Odebrecht caved in to pressure from banks and agreed to accelerate asset sales and hand over to creditors all dividends from its petrochemical unit. Odebrecht has agreed to speed things up as part of a deal with creditor banks to let the heavily indebted company keep $800 million from the divestiture of its water and waste unit announced last month, enough to fund its cash needs for two years.