September 30, 2019 / 2:36 PM / 20 days ago

CORRECTED-Brazil's BNDES bank facing 14.6 bln reais losses from Odebrecht

(Corects losses in headline to 14.6 bln reais)

BRASILIA, Sept 30 (Reuters) - Brazilian state-run development bank BNDES is facing losses of up to 14.6 billion reais ($3.5 billion) from loans made to conglomerate Odebrecht SA, which has been in bankruptcy protection since June, the bank said on Monday.

Of this total, 3.7 billion reais is related to federal government losses on export financing credits, and 8.7 billion reais is loans to companies under the Odebrecht Group umbrella, the BNDES said in a statement on its website.

BNDES loans to Odebrecht companies total 32.9 billion reais in nominal terms, equivalent to an inflation-adjusted 51.3 billion reais.

Odebrecht filed for bankruptcy protection in June, aiming to restructure 51 billion reais of debt in what would be one of Latin America’s largest-ever in-court debt restructurings.

$1 = 4.16 reais Reporting by Paula Arend Laier Writing by Jamie McGeever; editing by David Evans

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