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Odebrecht deals with US$4.5 billion debt in Brazil’s “largest ever” extrajudicial restructuring

Odebrecht Oil drillship on Guanabara Bay, Rio de Janeiro iStock.com/pabst_ell

An offshore oil drilling group owned by Brazilian conglomerate Odebrecht has entered into agreements with creditors to restructure its US$4.5 billion debt pile, and has signalled its intention to file for Chapter 15 recognition once the agreements receive court sanction.