Petrobras reaches deal for reorganization of Sete Brasil -newspapers
BRASILIA Aug 28 (Reuters) - Brazilian state-run oil company Petrobras and other investors reached an agreement to approve the restructuring plan of ailing oil-drilling-rig builder Sete Brasil Participações SA, two leading local newspapers reported on Friday.
The plan would pave the way the refinancing of Sete Brasil's $3.8 billion in debt.
Shareholders reached a deal for Sete to operate five drills in a joint venture with an international partner, newspapers Valor Economico and Folha de Sao Paulo reported, without disclosing sources for the information. Another 10 drills under construction by Sete Brasil will be operated by another company, the newspapers said.
The press office of Petroleo Brasileiro SA, as Petrobras is formally known, declined to comment on the reports. An official with Sete could not be immediately reached for comment.
Earlier this week Petrobras, which owns 9 percent of Sete Brasil, was growing uneasy with the business reorganization plan, a source told Reuters.
The reorganization plan is key for the refinancing of Sete Brasil's debt with state lenders Banco do Brasil SA and Caixa Econômica Federal, as well as private-sector lenders Itaú Unibanco Holding SA, Banco Bradesco SA and Banco Santander Brasil SA.
When founded in 2011, Sete Brasil pledged to spend more than $25 billion to build as many as 28 deepwater drillships that would be leased to Petrobras. A corruption scandal involving Petrobras and some of its key contractors such as engineering firms and equipment suppliers, have paralyzed rig and equipment purchases.
Rio de Janeiro-based Sete Brasil, founded by Petrobras and banks including Grupo BTG Pactual SA, faces a chronic cash-flow shortage as Petrobras delays payments and as borrowing costs spiked. (Reporting by Alonso Soto; Editing by Leslie Adler)
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