May 23, 2018 / 1:30 PM / 7 months ago

Brazil's Odebrecht receives Starboard-led bid for rail unit -source

SAO PAULO, May 23 (Reuters) - A group led by Starboard Restructuring Partners has made a binding bid for Brazilian conglomerate Odebrecht SA's commuter rail unit, one source with knowledge of the matter told Reuters.

Investment firm BlueOrange Capital joined Starboard and RTM Brasil in the bid for Supervia Concessionaria de Transporte Ferroviario SA, which was delivered on Tuesday, the source added on condition of anonymity because negotiations are private.

Asset sales would help corruption-ensnared Odebrecht to comply with a debt refinancing agreed with bank creditors late on Tuesday, which will also release 2.6 billion reais ($711 million) in a new loan to Odebrecht.

United Arab Emirates' sovereign wealth fund Mubadala Development Co PJSC made a proposal for Supervia months ago, but Odebrecht did not agree with the valuation.

Odebrecht, BlueOrange and Starboard did not immediately comment on the matter.

The delivery of a binding proposal for Supervia was first reported earlier on Wednesday by O Estado de S. Paulo newspaper. ($1 = 3.6570 reais) (Additional reporting by Carolina Mandl Editing by Paul Simao)

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