Odebrecht lenders to forgo early debt repayment after M&A deal

Creditors of Odebrecht SA have agreed to not tap proceeds from the sale of a water and sanitation utility for early repayment of loans, giving the embattled Brazilian engineering conglomerate more time to restructure 76 billion reais ($24 billion) of obligations.

In a Tuesday statement, Odebrecht [ODBES.UL] said lenders allowed it to keep the 2.5 billion reais in proceeds from the sale of a 70 percent stake in Odebrecht Ambiental SA to replenish cash. That amount is enough to cover Odebrecht’s cash needs for about two years, the statement said.

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