SAO PAULO, April 20 (Reuters) - Brazil's rig leaser Sete Brasil Participações SA has decided to file for bankruptcy protection, the company said on Wednesday.
According to a source with direct knowledge of the matter, state-controlled pension fund Petros reversed its earlier position against the bankruptcy filing at a shareholder's meeting on Wednesday.
The decision allows Sete Brasil to garner the 85 percent threshold for approval to file for creditor protection, said the source, who requested anonymity because the matter is private.
(Reporting by Aluísio Alves and Guillermo Parra-Bernal)
Copyright 2017 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles