Court Overturns Secrecy of Shareholder Assets in Odebrecht Bankruptcy Filing

Judicial recovery process originally declared that the files involving Odebrechts 21 companies were secret

Rogério Gentile
São Paulo

A court overturned the judicial secrecy that kept private the assets of Odebrecht group administration and controlling shareholders.

The secrecy had been applied in the bankruptcy filing involving 21 companies of the conglomerate, which today has debts totaling R$ 98.5 billion.

The corporate logo of the Odebrecht SA construction conglomerate is pictured at its headquarters in Sao Paulo, Brazil, July 29, 2019. REUTERS/Amanda Perobelli - REUTERS

With the bankruptcy protection filing, Odebrecht could try to restructure and avoid bankruptcy. The group will have to present a debt settlement proposal to be approved by the creditors at the meeting.

Judge Alexandre Lazzarini stated that it is not plausible that the creditors, who are expected to vote at the meeting, not have access to all documents of the process.

Until then, information about private assets was available only to the judge himself, the prosecutor, and the court administrator.

Translated by Kiratiana Freelon

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