Odebrecht shipyard Enseada Paraguaçu seeks approval for recovery Plan

Jan. 30, 2017

With debts of R $ 1.3 billion, Enseada Paraguaçu is the first Odebrecht company to request approval of an extrajudicial recovery plan to avoid bankruptcy

The Enseada Paraguaçu shipyard, whose main partner is Odebrecht, asked Friday night that the Rio de Janeiro court approve a request for extrajudicial recovery for the company. About 60% of the creditors adhered to the plan and the total amount of the debt that is part of the process is about R $ 750 million. The estimate is that the shipyard still has debts of R $ 2 billion with banks.

This is the first time that a company of the Odebrecht group has filed a lawsuit to have a recovery plan approved. The extrajudicial recovery, however, is different from the judicial recovery since the negotiation of the conditions of the restructuring depends only on the creditors. In the plan to be ratified in court, the debt is expected to be paid in 19 years.

According to the initial request made to Justice, and that newspaprt had access, the proposal was approved by 64% of the creditors of the business unit of Bahia. The company also has a unit in Rio de Janeiro.

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