Odebrecht Agroindustrial restructures $3.3 billion in debt

In Brazil, the country’s second-largest ethanol producer Odebrecht Agroindustrial has restructured $3.3 billion in bank loans to 13-year maturities, more in line with the company’s cash flow. As part of the restructuring, the parent company will transfer $1.2 billion in cash and $608 million in assets to the sugar and ethanol-producing unit. Rothschild and Virtus advised Odebrecht Agroindustrial on the restructuring. The parent company’s former CEO and main shareholder has been in jail as part of a corruption probe which forced Odebrecht Agroindustrial to restructure its debt.