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Sete Brasil shareholders may file for bankruptcy -sources
February 19, 2016 / 11:00 PM / in 2 years

Sete Brasil shareholders may file for bankruptcy -sources

SAO PAULO, Feb 19 (Reuters) - Shareholders of Sete Brasil Participações SA may file for bankruptcy protection if Brazilian state-controlled oil producer Petróleo Brasileiro SA, the rig builder’s sole client, fails to present a final long-term lease contract in a week’s time, two sources with direct knowledge of the matter said on Friday.

Petrobras, as the oil company is known, asked for seven days to deliver a proposal to rent Sete Brasil’s rigs, shareholders were told at a meeting that took place earlier in the day, said the sources, who asked for anonymity to speak freely about the issue.

The message was delivered by Sete Brasil Chief Executive Officer Luiz Carneiro to shareholders, the sources said, adding that it contained no specific proposals. Shareholders in Sete Brasil, including pension fund Previ and Grupo BTG Pactual SA , want to put the ailing Brazilian rig builder into creditor protection to force Petrobras to sign a long-term rig leasing contract.

Reporting by Guillermo Parra-Bernal; Editing by Andrew Hay

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