Brazilian oil service and equipment company Lupatech SA
failed to make a $6.79 million interest payment on
$275 million of 9.875 percent perpetual bonds, according to a
securities filing on Thursday. As a result, trading on the debt
has been suspended in Luxembourg's financial bourse, where the
securities are registered, the filing said.
Lupatech has said it faces cash-flow problems as giant oil
projects by Brazil's state-controlled Petroleo Brasileiro SA
and other companies have been delayed. The company
said it hopes to present a recovery plan for the medium- and
long-run "as sson as possible," the filing said.
Lupatech hired Bank of America Merrill Lynch as an advisor
in a corporate restructuring, the filing said.