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Sete Brasil shareholders may file for bankruptcy -sources

2016-02-20 17:05:30| Oil & Gas - Topix.net

Feb 19 Shareholders of Sete Brasil Participacoes SA may file for bankruptcy protection if Brazilian state-controlled oil producer Petroleo 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.

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