OEC Bondholder Files Objection to Company Judicial Recovery Plan

A bondholder of Odebrecht Engenharia e Construcao SA is objecting to the company’s judicial recovery plan, alleging it confers “favorable treatment” to larger creditors, according to documents seen by Bloomberg News.

• While all creditors can participate in providing the company with DIP financing, the “disproportionately high” minimum amount required makes it difficult for smaller bondholders to join, the document filed by bondholder SAB Two Capital Limited reads
  • The minimum amount of $150,000 is “excessively onerous” for SAB and would represent more than 11% of the total face value of bonds it holds, the document reads
• Firms such as Banco BTG ...