Rig Leaser Sete Brasil To File For Bankruptcy Protection

Reuters

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 2016 Thomson Reuters. Click for Restrictions.

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