SAO PAULO, Feb 17 (Reuters) - Creditors of ailing Brazilian engineering and rig leasing conglomerate Grupo Schahin rejected on Wednesday a reorganization plan, a source with direct knowledge of the decision said.
The decision could pave the way for Schahin’s liquidation, said the source, who is not authorized to discuss the issue publicly. All 13 banks that are creditors of Schahin, a family-controlled group, voted against the plan to restructure around 6 billion reais ($1.5 billion) in debt, the source added.
Schahin’s lawyers plan to challenge the decision before São Paulo-based bankruptcy judge Marcelo Sacramone, who was analyzing the bankruptcy protection request that Schahin had introduced back in April, the same source added. The lawyers plan to argue that the creditors went beyond legal limits when they voted down the plan, the source said.
Schahin did not have an immediate comment.
$1 = 3.9832 Brazilian reais Reporting by Tatiana Bautzer; Editing by Guillermo Parra-Bernal and Chris Reese