The Brazilian construction conglomerate filed for chapter 15 bankruptcy, seeking U.S. recognition of the largest-ever bankruptcy in Latin America, WSJ Pro Bankruptcy reported. Brazil’s Odebrecht SA has filed for bankruptcy protection in New York yesterday, adding a U.S. dimension to the construction conglomerate’s efforts to restructure more than $25 billion of debt. In June, the company filed for bankruptcy in Brazil after becoming embroiled in a regional corruption probe. Odebrecht is known for having built the American Airlines Arena, home of the Miami Heat, and a portion of Miami International Airport. The company has also built a number of roads, bridges, and interchanges in Florida, North Carolina, Texas, and California. Its U.S. website lists four currently active U.S. projects: two roadway projects and two logistics projects in the Miami area. In 2016, the company admitted to paying almost $800 million in bribes to win domestic contracts, as part of a corruption scandal that has brought down a host of Brazil’s business and political elite.
