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Brazilian construction group UTC files for bankruptcy protection
July 17, 2017 / 8:36 PM / 4 months ago

Brazilian construction group UTC files for bankruptcy protection

SAO PAULO, July 17 (Reuters) - Brazilian construction group UTC Participações SA filed for bankruptcy protection on Monday to restructure 3.4 billion reais ($1.1 billion) in debt, the company said in a statement.

UTC signed a leniency agreement with prosecutors last week after admitting to bribing government officials to get contracts with state-controlled oil company Petroleo Brasileiro SA .

The bankruptcy protection filing includes 14 UTC subsidiaries.

UTC, targeted by prosecutors in Brazil’s widest-ever corruption probe, Operation Car Wash, has been forbidden from working for Petrobras since December 2014. ($1 = 3.1825 reais) (Reporting by Tatiana Bautzer; Editing by Phil Berlowitz)

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