UPDATE 1-Odebrecht lenders to forgo early debt repayment after M&A deal

SAO PAULO, April 25 (Reuters) - Creditors of Odebrecht SA have agreed to not tap proceeds from the sale of a water and sanitation utility for early repayment of loans, giving the embattled Brazilian engineering conglomerate more time to restructure 76 billion reais ($24 billion) of obligations.