Court Accepts Construction Firm's Bankruptcy Petition

A Brazilian court directed Odebrecht to present a plan for restructuring $13 billion in debt within 60 days.

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A Brazilian court says it has accepted a petition from construction giant Odebrecht to undergo bankruptcy protection while it restructures its debts.

The Sao Paulo state 1st Court of Bankruptcy and Judicial Recovery said in a statement posted on its website Tuesday that a plan for restructuring the debt must be presented within 60 days.

Odebrecht announced Monday night that it was seeking court protection to restructure $13 billion in debt, one of the largest such cases in Brazilian history.

The company has been at the center of one of the world's largest corruption investigations, "Operation Car Wash," which unearthed a mammoth kickback scheme between Brazilian politicians and construction firms.

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