Cash-strapped Brazilian construction firm Odebrecht Engenharía e Construção is analyzing options to restructure nearly $3 billion worth of bonds, after it missed a coupon payment this week that has bondholders prepping for significant losses on their investments, Reuters reported. OEC, implicated in a multinational corruption scandal that has impacted countries in Latin America and Africa, hired Moelis & Co. and law firm Cleary Gottlieb Steen & Hamilton on Monday to study potential restructuring alternatives after the company said it would skip an $11.5 million coupon payment due on a bond maturing in 2025. Possible solutions to address the bond debt include exchanging and extending maturities on OEC’s securities or rolling over shorter-term liabilities with bank loans, according to three sources monitoring the situation.
