Odebrecht Is Said to Gain Approval for $3 Billion Restructuring

Odebrecht SA’s construction unit obtained approval for its $3 billion out-of-court bond restructuring after defaulting on its debt, according to two people familiar with the matter.

The firm, known as Odebrecht Engenharia e Construcao SA, has support of holders of more than 60% of its bonds, the people said, asking not to be named because discussions are still in final stages. It had launched a public consent solicitation in June 15 to reach the 60% required for an agreement with a group of investors led by Gramercy Funds Management to take effect for all creditors. The agreement calls for ...