Exclusive: Brazil's Odebrecht in talks to stave off Braskem sale, keep payout - sources

Creditors of Brazil’s Odebrecht SA are in advanced talks to let the corruption-ensnared conglomerate keep its crown jewel asset, listed petrochemical company Braskem SA , for another two years, retreating from their prior demand for a quick sale, two sources with knowledge of the matter said. In a further victory for Odebrecht, which is trying to restructure 51 billion reais ($12.2 billion) in debt, its bank creditors will let it keep receiving most of Braskem’s dividends – now virtually Odebrecht’s sole revenue source – during that period. The engineering and construction company, implicated in a series of graft …read more

Source:: Yahoo Finance