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The Odebrecht Group did you have judicial recovery plan approved on Wednesday 22 by 12 of the 20 companies in the group with numbered debts of R $ 66 billion. The remaining eight companies will have meetings on other dates. The plan must now be approved by the judge in the case.
The company filed for bankruptcy in June 2019. and, after a strong shock with the largest banks in the Country, presented its latest version of the plan on March 20. Banks, in addition to being the largest creditors in the process, have debts greater than R $ 13 billion for the group.
“After 10 months of effusive negotiations, the plan had the expressive support of the group of creditors and we hope that this support will be maintained during the implementation of the plan,” said lawyer Eduardo Munhoz, which represents the group. Odebrecht also had the Ricardo K’s financial advice.
Of the 12 companies that voted yesterday at the second virtual meeting of creditors of the Odebrecht group, eight chose not to consolidate debts, two of which had meetings postponed to other dates. Therefore, there will still be an assembly of eight companies.
The approved plan gives shareholders access to dividends only after the payment of creditors. The logic is that, three years after the approval of the plan, what the subsidiaries of the group generate will exceed R $ 300 million. be aimed at a ratio of 80% for creditors and 20% for shareholders.
20% increases progressively as the company meets its debt and can reach 50% after paying 65% of the credits owed of approximately R $ 40 billion. The number is less than the R $ 66 billion listed to the judicial reorganization judge because it excludes debts between companies.
Although the Odebrecht group has, on paper, income and dividends from various companies, it has a 51% stake in Braskem that most dividends should come. Other companies like Assets, sugar and alcohol, Ocyan of oiland OEC, engineering and construction, have an uncertain prospect of profit and dividend distribution.
Therefore, the plan was actively debated with BNDES, Bank of Brazil, Itaú, Bradesco and Santander. In addition to owning a stake in Braskem, received as collateral for having lent around R $ 13 billion to the group to avoid its collapse later Jet washThey are also the main creditors in the judicial reorganization process. Including ATM, they have to receive more than R $ 30 billion.
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