Brazil appeals court judge lets Odebrecht creditors seize Braskem shares

SAO PAULO, July 11 (Reuters) – A Brazilian appeals court judge allowed bank creditors of Odebrecht SA to take possession of shares in petrochemical company Braskem SA pledged as collateral for loans they made to the corruption-ensnared conglomerate, according to a document seen by Reuters.

The new injunction, granted on Wednesday in favor of Brazil’s largest lender Itau Unibanco Holding SA, overturns a ruling banning any sale or possession of Braskem shares by banks. Odebrecht filed for bankruptcy protection in June, aiming to restructure 51 billion reais ($13.57 billion). ($1 = 3.7588 reais) (Reporting by Carolina Mandl; Editing by Christian Plumb and Richard Chang)

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