Brazil's Petrobras Agrees to Refinance 6 bln Reais Tax Bill

Source: Reuters 8/14/2015, Location: South America

State-controlled Petroleo Brasileiro SA agreed to refinance an outstanding 6 billion reais ($1.7 billion) tax debt with the Brazilian government, allowing the debt-laden oil producer to restructure an onerous liability.

Under terms of the plan, the company commonly known as Petrobras will have the debt cut by half, and use tax credits to write down 876 million reais of the remaining amount. The company will use 1.26 billion reais from a judicial cash escrow account to pay part of the debt. The remainder will be paid in installments between this year and 2017, according to a securities filing.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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