Galvão Engenharia
Construction company that filed for judicial reorganization in March 2015; denies participation in a cartel.
On the timeline
Evidence
Galvão Engenharia and Galvão Participações filed for judicial reorganization on March 25, 2015, in the Rio de Janeiro courts; the report does not give the total amount of debt; the company cited as causes Petrobras's suspension of payments in 2014, the downgrade of its risk rating and the end of credit after the arrests of construction company executives in November 2014, the lack of a BNDES bridge loan for the BR-153, and reported having closed the industrial engineering division and cut about 9 thousand jobs in 2015.
Source: Galvão Engenharia, envolvida na Lava Jato, pede recuperação judicial — Tribuna PR, Mar. 26, 2015 · News report of March 26, 2015 · open original ↗
Estadão Conteúdo (April 15, 2017) recorded, with data from the magazine O Empreiteiro and from Fitch: Constran (UTC) revenues fell from R$1.3 billion (2014) to R$758 million (2015), with more than 20 thousand layoffs since 2013 (74% of the workforce); Carioca Christiani-Nielsen lost 22% of revenue in 2014; Galvão had revenues of R$3.8 billion until 2014; Constran rose to 13th in the ranking in 2014 and fell to 18th in 2015; the contractors' backlog of works deteriorated.
Source: Construtoras queimam carteira de obras — IstoÉ Dinheiro (Estadão Conteúdo), Apr. 15, 2017 · News report of April 15, 2017 · open original ↗