Brazil oil-service company Lupatech misses bond interest payment
RIO DE JANEIRO
RIO DE JANEIRO Oct 10 (Reuters) - Brazilian oil equipment and service company Lupatech SA said on Thursday it failed to make a $6.79 million payment on $275 million of outstanding perpetual bonds.
The payment was one of two quarterly installments due on the 9.875 percent debt that came due on Thursday, Lupatech said in a Brazilian securities filing.
Payments were also missed in April and July, as well as local payments in reais.
Lupatech invested heavily to gain business in Brazil's expanding offshore oil industry. Delays and increasingly tight cash at Brazil's main oil producer, state-run Petroleo Brasileiro SA, have resulted in less revenue than expected.
Lupatech is working with creditors to find ways to bring its debt in line with its capital structure, the company said in the filing. (Reporting by Jeb Blount; Editing by Paul Tait)
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