May 29, 2019 / 2:56 PM / a year ago

UPDATE 1-Odebrecht unit preparing bankruptcy filing - source

(Adds Odebrecht comment)

SAO PAULO, May 29 (Reuters) - Atvos Agroindustrial Participacoes SA, the sugar and ethanol unit of Brazilian conglomerate Odebrecht SA, is preparing to file for bankruptcy protection this week, a person with knowledge of the matter told Reuters on Wednesday.

The filing will occur after a Brazilian court agreed to freeze cash held by Atvos at the request of U.S. private equity fund Lone Star, added the source, who requested anonymity to discuss confidential matters. The planned bankruptcy filing was first reported by Brazilian newspaper Estado de S. Paulo.

In a statement sent to Reuters, Odebrecht acknowledged it was in “complex” talks with creditors.

“As is known in the market, Odebrecht and its subsidiaries are in negotiations with banks and capital markets. It’s a complex operation, but the parties are focused on a satisfactory solution for all,” the firm said. (Reporting by Aluisio Alves; Writing by Gram Slattery Editing by Bernadette Baum)

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