A São Paulo court has named Alvarez & Marsal as judicial administrator to Brazilian construction company Odebrecht, approving the largest bankruptcy filing in Latin American history.

On 18 June, Judge João de Oliveira Rodrigues Filho of the 1st Bankruptcy Court of São Paulo accepted the judicial reorganisation filing made by holding company Odebrecht SA and 20 related entities a day earlier.

Odebrecht filed to restructure US$13 billion in debt, but the bankruptcy filing put the debtors’ total liabilities at US$25 billion. That puts the filing ahead of the US$20 billion bankruptcy of Brazilian telecom company Oi, which started in 2016 and closed in January after years of legal disputes in several different countries.

(Latin Lawyer)

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