October 3, 2019 / 6:57 PM / 9 months ago

State-controlled Banco do Brasil, Caixa request annulment of Odebrecht restructuring plan

SAO PAULO, Oct 3 (Reuters) - State-controlled Brazilian banks Banco do Brasil SA and Caixa Economica Federal have requested that the judge overseeing the bankruptcy protection proceeding of conglomerate Odebrecht SA annul the debt restructuring plan presented to the court. According to court documents seen by Reuters, Caixa Economica has requested an immediate halt to the proceedings, alleging the plan is not compliant with Brazilian bankruptcy law. With similar arguments, Banco do Brasil requested that the judge order Odebrecht to present a new plan compliant with the law.

Odebrecht did not immediately reply to a request for comment. (Reporting by Tatiana Bautzer Editing by Chizu Nomiyama)

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