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Odebrecht to announce out-of-court reorganization next week: sources

 

 

SAO PAULO
Petroleumworld 05 15 2017

Odebrecht Óleo & Gás SA, the offshore oil drilling firm owned by Brazil's Odebrecht SA, has obtained support from more than 60 percent of its creditors for an out-of-court reorganization, two sources with knowledge of the matter told Reuters on Friday.

The sources, who asked for anonymity because discussions are private, said the out-of-court resolution could be announced as early as next week. According to documents seen by Reuters, the company could change its name after the reorganization. Odebrecht Oil and Gas did not have an immediate comment.

Reporting by Aluisio Alves; Writing by Tatiana Bautzer; Editing by Sandra Maler from Reuters.

reuters.com May 12, 2017

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