SÃO PAULO, October 26, 2020 - Odebrecht Engenharia e Construção S.A. (“OEC” and, together with certain of its subsidiaries the “Company”) announced today it has obtained judicial confirmation ("Confirmation Order") with the São Paulo Bankruptcy and Reorganization Court of its extrajudicial reorganization plan (the “Extrajudicial Reorganization Plan”) to restructure the obligations of OEC, CNO S.A. (“CNO”, formerly known as Construtora Norberto Odebrecht S.A.) and OECI S.A. (“OECI”, formerly known as Odebrecht Engenharia e Construção Internacional S.A.) in respect of the (i) 7.00% Senior Notes due 2020, (ii) 5.125% Notes due 2022, (iii) 6.00% Notes due 2023, (iv) 4.375% Notes due 2025, (v) 5.250% Notes due 2029, (vi) 7.125% Notes due 2042, and (vii) 7.500% Perpetual Notes (collectively, the “Existing Notes”), in each case issued by Odebrecht Finance Ltd. (“OFL”) and guaranteed by OEC, CNO and OECI upon the terms and subject to the conditions set forth in the consent solicitation statement dated as of June 15, 2020 (the “Consent Solicitation Statement” and the restructuring transaction contemplated thereby, the “Restructuring”).
The confirmation was obtained after less than 10 weeks since it was presented to the Courts, a remarkable timing in this type of process, confirming the support that the Restructuring has been receiving from all stakeholders.
Now the Company will seek to obtain recognition of the Confirmation Order in the United States under Chapter 15 of the U.S. Bankruptcy Code, and subject to the satisfaction of certain terms and conditions set forth in the Extrajudicial Reorganization Plan, the Company will implement the restructuring of the Existing Notes contemplated in the Extrajudicial Reorganization Plan, which is binding on all holders of Existing Notes.
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THIS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION (I) OF AN OFFER TO BUY ANY SECURITIES IN THE UNITED STATES OR (II) TO VOTE ON ANY RESTRUCTURING PLAN, AND IT DOES NOT CONSTITUTE AN OFFER, SOLICITATION OR SALE IN ANY STATE OR JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS THEY ARE REGISTERED OR EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
THIS RELEASE CONTAINS STATEMENTS THAT ARE FORWARD-LOOKING WITHIN THE MEANING OF SECTION 27A OF THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE U.S. SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS AND ARE NOT GUARANTEES OF FUTURE PERFORMANCE. INVESTORS ARE CAUTIONED THAT ANY SUCH FORWARD-LOOKING STATEMENTS ARE AND WILL BE, AS THE CASE MAY BE, SUBJECT TO MANY RISKS, UNCERTAINTIES AND FACTORS RELATING TO THE COMPANY THAT MAY CAUSE THE ACTUAL RESULTS TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED IN SUCH FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE EXPECTATIONS AND ASSUMPTIONS REFLECTED IN THE FORWARD-LOOKING STATEMENTS ARE REASONABLE BASED ON INFORMATION CURRENTLY AVAILABLE TO THE COMPANY’S MANAGEMENT, THE COMPANY CANNOT GUARANTEE FUTURE RESULTS OR EVENTS. THE COMPANY EXPRESSLY DISCLAIMS A DUTY TO UPDATE ANY OF THE FORWARD-LOOKING STATEMENTS. NO ASSURANCES CAN BE GIVEN THAT THE COMPANY WILL BE ABLE TO SUCCESSFULLY EXECUTE AND IMPLEMENT AN EXTRAJUDICIAL REORGANIZATION PLAN.
The confirmation was obtained after less than 10 weeks since it was presented to the Courts