Sector News

Brazil's Odebrecht mulls selling part of stake in Braskem -report

February 16, 2018
Energy & Chemical Value Chain

Brazilian conglomerate Odebrecht SA may sell part of its stake in petrochemical company Braskem SA or try to get credit from banks using its stake as collateral, Brazilian newspaper Valor Economico reported on Wednesday.

Odebrecht needs cash to pay debt maturing this year, including 500 million reais ($152 million) in bonds, according to the paper, which cited unnamed sources.

In a statement, the group said it “is constantly talking to its creditor banks,” but did not confirm any new transactions.

Part of the Braskem stake is already pledged in collateral to banks, and all dividends have also been surrendered to service the debt, Reuters reported last year.

Odebrecht has around 75 billion reais ($23 billion) in outstanding debt.

($1 = 3.2947 reais)

By Tatiana Bautzer and Alexandra Alper

Source: Reuters

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