UPDATE 1-Petrobras says wins debt accord with government lenders

martes 6 de enero de 2015 19:01 GYT
 

(Adds details on creditors, background)

RIO DE JANEIRO Jan 6 (Reuters) - Brazil's state-run oil company, Petroleo Brasileiro SA, said on Tuesday it had completed talks with "bilateral" government creditors on the release of third-quarter financial results that have been delayed by a corruption scandal.

The lenders had demanded the presentation of audited third-quarter results by the end of January, said the statement, filed with securities regulator CVM.

Petrobras, as the company is commonly known, did not name the lenders, but major bilateral lenders include national import-export banks that are important sources of finance for oil industry equipment. Petrobras did not immediately respond to requests for additional comment.

Under the agreement Petrobras will be able to deliver unaudited financial statements to the lenders by the end of January rather than audited accounts as first demanded.

On Dec. 29, Petrobras, the most-indebted and least-profitable major global oil company, said it would deliver its unaudited statements by the end of January.

Without the agreement, the creditors could have declared Petrobras in default as early as the end of January, possibly forcing the company to repay its debts early, Petrobras said in the filing.

Petrobras has already missed a Dec. 29 deadline to provide unaudited third-quarter results to some foreign currency bond holders. It said last month that it had a waver to delay release, but did not say what percentage of the debt was covered.

One of those creditors, New York-based distressed-debt fund Aurelius Capital Management LP, encouraged investors to declare Petrobras in default for not meeting the deadline for unaudited results. The move was described as a "precautionary step."

Aurelius officials were not immediately available for comment.

Petrobras first put off the release of its third-quarter earnings report on Nov. 13 after a corruption investigation prompted its outside auditor, PricewaterhouseCoopers, to refuse to certify its financial statements until it could be sure the value of the company's assets, allegedly inflated by corruption, were properly valued. (Reporting by Jeb Blount; Writing by Jeb Blount and Caroline Stauffer; Editing by Bernard Orr and Andre Grenon)