Brazilian banks turn up heat on scandal-hit Odebrecht

Banks are raising the heat on Brazilian conglomerate Odebrecht to put its house in order after months of treating the scandal-hit company with kid gloves because of fears its collapse could hurt their balance sheets, sources said. Odebrecht has agreed to accelerate asset sales as part of a deal with creditor banks to let the heavily indebted company keep $800 million from the divestiture of its water and waste unit announced last month, enough to fund its cash needs for two years, according to several executives, bankers and lawyers involved in the talks. The Times of India reports. Venezuela hopes no country hinders China’s ‘fantastic’ Silk Road initiative China’s Belt and Road initiative is “fantastic” but obstacles could arise from […]

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