Brazilian conglomerate Odebrecht SA has filed for bankruptcy protection in Sao Paulo court to restructure is BRL51 billion (US$13 billion) corporate debt. 

The bankruptcy protection would allow the company to maintain its business activities while giving it six months to settle with its creditors. Odebrecht has also asked the court to bar the company's seven largest creditors - six banks and an investment fund - from taking possession or selling shares in the group’s petrochemical company Braskem SA. Interests in Brasken are pledged as collateral to the creditors. The petrochemical company represents about 80% of the Odebrecht's revenue in 2018.

The company's major creditors are Brazilian state-owned lenders Banco do Brasil SA, Caixa Economica Federal and BNDES, as well as private-sector lenders Banco Bradesco SA, Itaú Unibanco Holding SA, Banco Santander Brasil SA, and an investment fund.