Odebrecht Oil & Gas Signs Financial Restructuring Agreement

Yesterday, May 22, Odebrecht Oil & Gas signed an agreement with the majority of its creditors for the company’s financial restructuring, with new payment conditions for its main debts.

The restructuring will take place through an Extrajudicial Recovery (ER) Procedure. Through it, the company enters into a consensual agreement with a relevant group of creditors and submits this agreement for judicial approval.

“The Extrajudicial Recovery Procedure represents the most appropriate, positive solution for strengthening the short- and long-term financial position of Odebrecht Oil & Gas, designed to prepare the company for business opportunities with new clients, investors, suppliers, and partners,” emphasized Luciano Guidolim, President and CEO of Odebrecht S.A., in a statement to members.

Guidolim also highlighted the progress the holding has made with its asset sale plan, debt restructuring and strengthening of the capital structure of certain Businesses. “Our goal is to guarantee the Group’s financial liquidity and solid advancement of our companies,” he said in the statement.