Jan 6 Brazilian engineering firm UTC Engenharia S.A. has renegotiated 1.2 billion reais ($300 million) of debt with banks, the first engineering firm caught in a massive construction scandal to do so, newspaper Folha de S. Paulo reported on Wednesday.
After a year of negotiations, four banks agreed to extend debt repayments to the company by around three years, Folha said without reporting how it obtained the information.
UTC is one of some two dozen engineering companies accused of price fixing and overcharging state-run oil firm Petroleo Brasileiro SA for work. The companies have mostly been banned from signing new contracts with the oil company and many are trying to sell assets.
UTC did not immediately respond to request for comment.
($1 = 4 reais) (Reporting by Caroline Stauffer, Editing by Franklin Paul)
Brazil Energy Insight 
Leave a comment