Odebrecht Unit Is Said to Plan Restructuring After Bond Default

Odebrecht SA’s builder unit plans to announce as soon as Monday that it will seek to restructure debt out of court to avoid filing for bankruptcy protection after missing the grace period on a bond payment, said people with knowledge of the matter.

Odebrecht Engenharia e Construcao SA is planning to start negotiations to restructure $3 billion in debt in the coming weeks as cash for the whole group dwindles, the people said, asking not to be named because the discussions are private. Gramercy Funds Management LLC is among its biggest bondholders, according to two of the people.

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