Brazil court accepts Odebrecht bankruptcy protection filing

Posted on Tuesday, June 18th, 2019 By The Associated Press

This April 12, 2018 file photo shows the Odebrecht headquarters in Sao Paulo, Brazil. The Brazilian construction giant filed for bankruptcy protection to restructure $13 billion in debt on Monday, June 17, 2019, worn down after spending five years at the center of one of the world’s largest corruption investigations. (AP Photo/Andre Penner, File)

RIO DE JANEIRO (AP) — A Brazilian court says it has accepted a petition from construction giant Odebrecht to undergo bankruptcy protection while it restructures its debts.

The Sao Paulo state 1st Court of Bankruptcy and Judicial Recovery said in a statement posted on its website Tuesday that a plan for restructuring the debt must be presented within 60 days.

Odebrecht announced Monday night that it was seeking court protection to restructure $13 billion in debt, one of the largest such cases in Brazilian history.

The company has been at the center of one of the world's largest corruption investigations, "Operation Car Wash," which unearthed a mammoth kickback scheme between Brazilian politicians and construction firms.

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