The Odebrecht holding company, $28 billion in debt.  Has presented its judicial reorganization plan to the creditors, proposing that they exchange their accounts receivable for payment values ​​based on the company's future results.

In a statement, the executive director, Luciano Guidolin, said that a reduction in the debt resulting from the agreement will guarantee "productive activity, preservation of employment and creation of value for all concerned."

The holding company, the core of the conglomerate that extends from construction (which includes  Constructora Odebrecht ) to oil and gas, declared bankruptcy in Brazil on June 17. On Monday, August 26, the conglomerate requested that the judicial protection obtained in Brazil be extended to the United States, where the procedure is known as Chapter 15, in reference to the chapter of the law dealing with said procedure.

Chapter 15 protects assets abroad, thus avoiding actions of creditors while the company judicially executes its recovery plan.

This is the largest corporate bankruptcy in Brazil and Latin America, above the $19 billion debt that the telecommunications company Oi had in 2016.

Odebrecht, which sought to restructure about $ 1.3 billion of its own debt, was affected by tensions in early June when the group's ethanol unit sought bankruptcy protection and talks with LyondellBasell Industries NV about the Braskem, SA petrochemical unit collapse.

The conglomerate has been struggling to recover from the consequences of the Lava Jato corruption investigation in Brazil. The investigation, which began in 2014, halted the construction industry, as access to government projects was cut and executives were jailed.

In Panama, it gained billions of dollars in contracts from successive governments for projects like Metro Lines 1 and 2, and the rejuvenation of Colon

Investigations into some $90 million in bribes to high profile Panamanians, including the Ricardo Martinelli siblings, have been stymied by the courts.

Odebrecht paid millions in fines in other Latin American countries, including Panama, and its portfolio of new projects has declined, which adds to the cash crisis.

The bonds issued by Odebrecht have long been traded at difficult levels, and the perpetual notes are now quoted at about 6 cents per dollar.

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