September 21, 2017 / 9:50 PM / a year ago

Petrobras, Sete Brasil pick mediator in legal dispute

SAO PAULO, Sept 21 (Reuters) - State-controlled oil producer Petróleo Brasileiro SA and Sete Brasil Participações SA have agreed to choose a mediator for a legal dispute that forced the rig leaser to seek creditor protection against 18 billion reais ($5.7 billion) of debt.

In a Thursday securities filing, Petrobras said Gustavo Binenbojm had been picked by both parties to mediate the dispute. Founded in 2008 to fill the world’s biggest deep-water drilling fleet order, Sete Brasil had to file for bankruptcy protection last year after efforts to secure a long-term contract with Petrobras failed.

The tussle between Petrobras and Sete Brasil’s management and shareholders has forced the rig leaser’s creditors to write off some of the 15 billion reais in loans they extended to Sete Brasil. ($1 = 3.1373 Brazilian reais) (Reporting by Guillermo Parra-Bernal; Editing by Marguerita Choy)

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