Most holders want Sete Brasil to file for creditor protection, sources say
* Rig leaser shunned Petrobras proposal made this week
* Filing seen as way to improve Petrobras contract offer
* Sources see some shareholders abstaining from ballot
By Guillermo Parra-Bernal
SAO PAULO, Feb 26 (Reuters) - Most shareholders in Sete Brasil Participações SA plan to endorse a proposal for the ailing rig leaser to seek bankruptcy protection after efforts to secure a long-term contract with sole client Petróleo Brasileiro SA failed, four sources familiar with the situation said on Friday.
Partners holding a combined 95 percent stake in Sete Brasil through an investment vehicle will hold a conference call at 10 a.m. (1300 GMT) in which they will vote on the creditor protection plan, said the sources, who requested anonymity to discuss the issue freely.
Votes equivalent to about 85 percent of Sete Brasil's 12 partners in the FIP Sondas vehicle endorse filing for bankruptcy protection, said the first source. But some could still abstain from voting on the plan because of their dual role as lenders and equity holders, the second and third sources said.
The ballot would give management of Rio de Janeiro-based Sete Brasil power to decide when and where to file for court protection, the first source said.
This week, state-controlled Petrobras, as Sete Brasil's sole client is known, sent a proposal that failed to assure the rig leaser's survival, the sources said. Under terms of the proposal, Petrobras would rent 10 rigs for five years, instead of 19 for 15 years originally, as well as cut lease rates by one-third. Continuación...